以下是将原文翻译成中文： 主持人 Ben Gilbert 和 David Rosenthal 分析了博通（Broadcom）对高通（Qualcomm）潜在的收购案，这笔价值 1030 亿美元的交易最近被高通拒绝。他们将这笔潜在的合并置于更大的背景下，即一个充满活力、经历重大创新和整合的半导体行业。 他们首先阐述了英伟达（Nvidia）等公司价值飙升的现象，这得益于机器学习对 GPU 的需求，并强调了风险投资支持的半导体初创企业的涌现。他们将此与高通和博通等更成熟的半导体公司进行了对比，这些公司历来专注于移动组件。 他们讨论了移动手机制造商，特别是苹果（Apple），越来越多地将芯片设计内部化的趋势，这对高通和博通等组件供应商造成了压力。尽管如此，他们指出，即使苹果设计了自己的 A 系列处理器，iPhone X 和 Pixel 2 XL 中仍然存在着相当数量的高通和博通芯片，这令人惊讶。 深入探究历史，他们描述了高通公司成立于 1985 年，最初专注于用于蜂窝通信的 CDMA 技术，通过其许可和芯片组开发创造了网络效应。这带来了可观的收入，其中很大一部分来自专利许可。 他们讨论了两家公司的发展历程，高通退出了手机制造业务，专注于芯片组（如骁龙系列），而博通则通过与安华高（Avago）合并，其历史可以追溯到惠普（Hewlett-Packard）。然而，目前拟议的合并似乎是由整合的需求驱动的，因为芯片的商品化和不断上涨的研发成本挤压了利润空间。 他们分析了当前的交易：博通的 1030 亿美元报价，部分由银湖资本（Silver Lake Partners）提供资金，以及在高通面临法律挑战和股价下跌之际的投机性时机。他们预测这笔交易很可能会进行，但价格会更高（约为每股 80 美元）。 在讨论交易结构时，他们提到博通和高通都已经参与了其他的收购：博通收购博科（Brocade），高通收购恩智浦半导体（NXP Semiconductors）。这些同时进行的交易的复杂性，加上博通将其法定地址迁至美国以避免监管审查，为故事增添了更多的层次。 在他们的“收购类别”部分，他们将这笔交易归类为“整合”，强调这不是关于收购新技术或资产，而是关于合并现有参与者，以获得规模经济和对日益强大的客户的供应商权力。 他们解决了博通的市场估值高于高通的难题，尽管它们的利润率相当，而博通的收入更高，并强调博通的收入增长迅速，而高通的收入却在下降。 在讨论这些事件如何改变行业时，他们讨论了那些不是整合者的人最终很可能成为被整合者，以及监管机构将如何处理这起潜在的合并。

The hosts, Ben Gilbert and David Rosenthal, dissect the potential acquisition of Qualcomm by Broadcom, a deal valued at $103 billion that was recently rejected. They frame this potential merger within a larger context of a revitalized semiconductor industry experiencing significant innovation and consolidation. They start by illustrating the surging value of companies like Nvidia, fueled by the demand for GPUs in machine learning, and highlighting the emergence of semiconductor startups supported by venture capital. They contrast this with the more established semiconductor companies like Qualcomm and Broadcom, which have historically focused on mobile components. They address the increasing trend of mobile handset manufacturers, particularly Apple, bringing chip design in-house, creating pressure on component suppliers like Qualcomm and Broadcom. Despite this, they point out the surprising amount of Qualcomm and Broadcom chips still present within the iPhone X and Pixel 2 XL, even though Apple designs its own a-series processors. Delving into the history, they describe how Qualcomm, founded in 1985, initially focused on CDMA technology for cellular communication, creating a network effect through its licensing and chipset development. This led to substantial revenue, with significant portions derived from licensing patents. They discuss the evolution of both companies, with Qualcomm exiting handset manufacturing to focus on chipsets (like the Snapdragon series), and Broadcom, through a merger with Avago, tracing its roots back to Hewlett-Packard. The current proposed merger, however, seems to be driven by a need for consolidation, as the commoditization of chips and rising R&D costs squeeze margins. They examine the current deal: Broadcom's $103 billion offer, financed in part by Silver Lake Partners, and the opportunistic timing of the bid amid legal challenges and depressed stock prices for Qualcomm. They predict the deal will likely proceed, but at a higher price (around $80 per share). Discussing the structure of the deal, they mention that both Broadcom and Qualcomm are already involved in other acquisitions: Broadcom acquiring Brocade, and Qualcomm acquiring NXP Semiconductors. The complexities around these concurrent deals, combined with Broadcom's relocation of its legal address to the US to avoid regulatory scrutiny, add further layers to the story. In their "acquisition category" segment, they classify this deal as "consolidation," emphasizing that it's not about acquiring new technologies or assets, but about combining existing players to gain economies of scale and supplier power against increasingly powerful customers. They address the puzzle of Broadcom's higher market capitalization relative to Qualcomm despite comparable profit margins and higher revenue, and highlight Broadcom's rapid revenue growth compared to Qualcomm's declining revenues. Discussing how these events change the industry, they discuss how it's likely those who are not the consolidator end up being the consolidatee, and how regulatory bodies will handle this potential merger.