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#财报观察员：博通与戴尔接棒，AI回报再受检验 The AI earnings season isn't over yet; Broadcom and Dell are taking over, and the key is whether computing power can be passed on to servers and software. Nvidia's wave just passed, and this week Broadcom and Dell are about to release their results. Dell reports on September 1, Broadcom and Snowflake on September 2. On the hardware side, the test is whether orders for AI servers and networking equipment can continue to rise; on the software side, it's about whether cloud data demand can turn into stable subscription revenue. Nvidia has already proven that demand for computing power remains, but the market is now starting to ask a question: can AI money spread from chips to servers, networks, and enterprise software to support a broader tech stock valuation? Dell fell nearly 2% this week, Broadcom dropped over 1%, and Snowflake fell less than 1%. Overall, everyone is waiting for the earnings to land. If demand for servers and AI networks holds up, the hardware chain can continue to pass down; if software can also show AI converting into revenue, the market's judgment on AI commercialization will be revised upward. The demand for computing power is solid, but whether it can spread across the entire industry chain depends on this week's data.