Broadcom (AVGO)
Market Price (10/6/2026): $363.02 | Market Cap: $1.7 TrilInvestor Relations Sector: Information Technology | Industry: Semiconductors
Broadcom (AVGO)
Market Price (10/6/2026): $363.02Market Cap: $1.7 TrilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 41 Bil, FCF LTM is 39 Bil Stock buyback supportStock Buyback 3Y Total is 28 Bil Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, Cybersecurity, Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Key risksAVGO key risks include [1] heavy reliance on a few key AI customers, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%, CFO LTM is 41 Bil, FCF LTM is 39 Bil |
| Stock buyback supportStock Buyback 3Y Total is 28 Bil |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, Cybersecurity, Show more. |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksAVGO key risks include [1] heavy reliance on a few key AI customers, Show more. |
Qualitative Assessment
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Broadcom (AVGO) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Valuation concerns and "circular financing" arrangement with Anthropic. Broadcom's stock traded at a premium multiple, and a reported $42 billion chip-buying and financing arrangement with Anthropic raised questions regarding "circular financing," customer credit quality, and the durability of demand. While Broadcom stated it was "not providing direct financing," it reportedly provided residual-value guarantees for select tranches, contributing to market skepticism.
2. Broader AI sector valuation compression and concerns over growth perception. Despite robust individual company performance, Broadcom's shares experienced a broader "compression in valuations among AI-themed tech stocks". Even with strong fiscal Q3 2026 (ended August 2, 2026) earnings, which showed an 85.5% year-over-year revenue increase to $29.59 billion, and AI semiconductor revenue surging 221% year-over-year to $16.7 billion, some analysts noted a "gross margin contraction from a hardware-heavy mix." This, alongside a perception of "cooling" growth, may have led to a re-assessment of its valuation within the AI sector.
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Broadcom (AVGO) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Valuation concerns and "circular financing" arrangement with Anthropic. Broadcom's stock traded at a premium multiple, and a reported $42 billion chip-buying and financing arrangement with Anthropic raised questions regarding "circular financing," customer credit quality, and the durability of demand. While Broadcom stated it was "not providing direct financing," it reportedly provided residual-value guarantees for select tranches, contributing to market skepticism.
2. Broader AI sector valuation compression and concerns over growth perception. Despite robust individual company performance, Broadcom's shares experienced a broader "compression in valuations among AI-themed tech stocks". Even with strong fiscal Q3 2026 (ended August 2, 2026) earnings, which showed an 85.5% year-over-year revenue increase to $29.59 billion, and AI semiconductor revenue surging 221% year-over-year to $16.7 billion, some analysts noted a "gross margin contraction from a hardware-heavy mix." This, alongside a perception of "cooling" growth, may have led to a re-assessment of its valuation within the AI sector.
3. Significant insider selling activity. During the specified period, substantial insider selling occurred, totaling $280.5 million by four insiders within the 90 days leading up to October 5, 2026. A notable transaction included Director Samueli Henry selling 702,190 shares for $250.0 million on September 23, 2026. This significant volume of insider sales could have been interpreted by investors as a signal from company executives and directors, potentially impacting investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -3.9% change in AVGO stock from 6/30/2026 to 10/5/2026 was primarily driven by a -26.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 377.06 | 362.51 | -3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 75,465 | 89,104 | 18.1% |
| Net Income Margin (%) | 38.8% | 42.9% | 10.5% |
| P/E Multiple | 61.1 | 45.2 | -26.0% |
| Shares Outstanding (Mil) | 4,747 | 4,766 | -0.4% |
| Cumulative Contribution | -3.9% |
Market Drivers
6/30/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| AVGO | -3.9% | |
| Market (SPY) | 3.8% | 53.1% |
| Sector (XLK) | 5.5% | 72.9% |
Fundamental Drivers
The 17.5% change in AVGO stock from 3/31/2026 to 10/5/2026 was primarily driven by a 30.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 308.46 | 362.51 | 17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 68,282 | 89,104 | 30.5% |
| Net Income Margin (%) | 36.6% | 42.9% | 17.4% |
| P/E Multiple | 58.6 | 45.2 | -22.9% |
| Shares Outstanding (Mil) | 4,741 | 4,766 | -0.5% |
| Cumulative Contribution | 17.5% |
Market Drivers
3/31/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| AVGO | 17.5% | |
| Market (SPY) | 19.4% | 55.2% |
| Sector (XLK) | 51.4% | 71.6% |
Fundamental Drivers
The 10.7% change in AVGO stock from 9/30/2025 to 10/5/2026 was primarily driven by a 48.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 327.48 | 362.51 | 10.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59,926 | 89,104 | 48.7% |
| Net Income Margin (%) | 31.6% | 42.9% | 35.9% |
| P/E Multiple | 81.5 | 45.2 | -44.6% |
| Shares Outstanding (Mil) | 4,714 | 4,766 | -1.1% |
| Cumulative Contribution | 10.7% |
Market Drivers
9/30/2025 to 10/5/2026| Return | Correlation | |
|---|---|---|
| AVGO | 10.7% | |
| Market (SPY) | 17.3% | 60.2% |
| Sector (XLK) | 43.1% | 72.5% |
Fundamental Drivers
The 350.9% change in AVGO stock from 9/30/2023 to 10/5/2026 was primarily driven by a 151.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.41 | 362.51 | 350.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,454 | 89,104 | 151.3% |
| Net Income Margin (%) | 39.3% | 42.9% | 9.4% |
| P/E Multiple | 23.9 | 45.2 | 89.2% |
| Shares Outstanding (Mil) | 4,130 | 4,766 | -13.3% |
| Cumulative Contribution | 350.9% |
Market Drivers
9/30/2023 to 10/5/2026| Return | Correlation | |
|---|---|---|
| AVGO | 350.9% | |
| Market (SPY) | 87.5% | 61.5% |
| Sector (XLK) | 149.5% | 73.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AVGO Return | 56% | -13% | 104% | 110% | 51% | 3% | 807% |
| Peers Return | 61% | -42% | 94% | 52% | 21% | 105% | 579% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| AVGO Win Rate | 75% | 58% | 83% | 75% | 67% | 40% | |
| Peers Win Rate | 62% | 37% | 60% | 53% | 52% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AVGO Max Drawdown | -14% | -35% | -12% | -25% | -40% | -29% | |
| Peers Max Drawdown | -22% | -50% | -25% | -31% | -39% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NVDA, QCOM, MRVL, AMD, TXN. See AVGO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)
How Low Can It Go
| Event | AVGO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.8% | -18.8% |
| % Gain to Breakeven | 55.9% | 23.1% |
| Time to Breakeven | 39 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.9% | -7.8% |
| % Gain to Breakeven | 28.0% | 8.5% |
| Time to Breakeven | 48 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.5% | -9.5% |
| % Gain to Breakeven | 12.9% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.1% | -24.5% |
| % Gain to Breakeven | 51.7% | 32.4% |
| Time to Breakeven | 157 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.8% | -33.7% |
| % Gain to Breakeven | 88.1% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.2% | -19.2% |
| % Gain to Breakeven | 17.9% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
In The Past
Broadcom's stock fell -35.8% during the 2025 US Tariff Shock. Such a loss loss requires a 55.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | AVGO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.8% | -18.8% |
| % Gain to Breakeven | 55.9% | 23.1% |
| Time to Breakeven | 39 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.9% | -7.8% |
| % Gain to Breakeven | 28.0% | 8.5% |
| Time to Breakeven | 48 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.1% | -24.5% |
| % Gain to Breakeven | 51.7% | 32.4% |
| Time to Breakeven | 157 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.8% | -33.7% |
| % Gain to Breakeven | 88.1% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.7% | -17.9% |
| % Gain to Breakeven | 36.3% | 21.8% |
| Time to Breakeven | 42 days | 123 days |
In The Past
Broadcom's stock fell -35.8% during the 2025 US Tariff Shock. Such a loss loss requires a 55.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Broadcom (AVGO)
Broadcom Inc. (AVGO) is a leading global technology company that primarily designs, develops, and supplies a wide range of semiconductor devices. These devices are crucial components, largely focusing on complex digital, mixed-signal, and analog integrated circuits. Beyond its strong semiconductor business, Broadcom also operates a significant segment dedicated to infrastructure software.
In its Semiconductor Solutions segment, Broadcom's extensive product portfolio includes system-on-chips (SoCs) for set-top boxes, various networking equipment (such as cable, digital subscriber line, and wireless LAN), and Ethernet switching and routing products. The company also provides RF front-end modules for wireless communication, storage controllers for data centers, and a variety of fiber optic and motion control components. These essential components power critical infrastructure and devices across numerous industries.
Broadcom's products are integral to a diverse set of applications and markets worldwide. Its semiconductor solutions are vital for enterprise and data center networking, home connectivity, broadband access, and telecommunications equipment. Additionally, the company serves the smartphone and base station markets, data center servers and storage systems, industrial automation, power generation, and electronic display sectors, making it a foundational supplier for the digital economy.
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Broadcom is like Intel for the data center and networking world, providing the specialized chips that power servers, switches, and communication equipment.
Broadcom is like a blend of Intel's chipmaking and Oracle's enterprise software, supplying foundational technology for the digital economy.
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- Networking and Broadband Communication Chips: Broadcom develops system-on-chips (SoCs) for a wide range of applications including set-top boxes, broadband access, wireless local area networks, and Ethernet switching and routing.
- Wireless and RF Components: The company provides RF front-end modules, filters, power amplifiers, and SoCs for Wi-Fi, Bluetooth, and global positioning systems used in smartphones and base stations.
- Storage Connectivity and Controllers: Broadcom offers various controllers and adapters for storage and server systems, such as SAS, RAID, Fibre Channel host bus adapters, PCIe switches, and custom flash controllers.
- Optical and Industrial Devices: This category includes fiber optic transmitter and receiver components, optocouplers, industrial fiber optics, and motion control encoders and subsystems for diverse applications.
- Infrastructure Software: Broadcom provides a suite of software solutions primarily aimed at enterprise and data center management, though specific product names are not detailed here.
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Broadcom Inc. (AVGO) primarily sells its semiconductor devices and infrastructure software to other companies, which integrate Broadcom's products into their own offerings or use them as essential components in their operations. Based on the company's product descriptions and common industry knowledge, its major customers include:
- Apple Inc. (AAPL): A highly significant customer for Broadcom's RF front end modules, Wi-Fi, Bluetooth, and GPS/GNSS SoCs, and custom touch controllers, which are integrated into Apple's smartphones and other mobile devices. Apple consistently accounts for a substantial portion of Broadcom's revenue.
- Cisco Systems, Inc. (CSCO): A major customer for Broadcom's Ethernet switching and routing merchant silicon products, embedded processors, and physical layer components, used in Cisco's enterprise and data center networking equipment.
- Dell Technologies Inc. (DELL): A key customer for Broadcom's serial attached SCSI (SAS) and redundant array of independent disks (RAID) controllers and adapters, peripheral component interconnect express (PCIe) switches, and Fibre Channel host bus adapters, which are critical for Dell's servers and storage systems.
- Hewlett Packard Enterprise Company (HPE): Similar to Dell, HPE utilizes Broadcom's components like SAS/RAID controllers, PCIe switches, and Fibre Channel host bus adapters for its enterprise servers, storage, and networking solutions.
- Other major companies in telecommunications equipment (e.g., Ericsson, Nokia), broadband access, and industrial automation sectors also purchase Broadcom's specialized components, though specific names are not consistently disclosed as major customers in the same way as Apple.
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Major Suppliers:
- Taiwan Semiconductor Manufacturing Company (TSM)
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Hock E. Tan, President and Chief Executive Officer
Hock E. Tan has served as President and Chief Executive Officer of Broadcom since March 2006, leading its transformation and growth through strategic acquisitions. Prior to Broadcom, he was chairman of the board of Integrated Device Technology from 2005 to 2008 and President and Chief Executive Officer of Integrated Circuit Systems from 1999 to 2005. Mr. Tan also held senior management positions at General Motors and PepsiCo, served as Vice President of Finance for Commodore International from 1992 to 1994, and was Managing Director of Hume Industries in Malaysia from 1983 to 1988. He co-founded and served as Managing Director of Pacven Investment, a venture capital fund in Singapore, from 1988 to 1992. He led the sale of Integrated Circuit Systems to Integrated Device Technology in 2005. His career is characterized by an extensive track record in leading and integrating companies through mergers and acquisitions, significantly expanding their market reach and technological capabilities.
Kirsten Spears, Chief Financial Officer and Chief Accounting Officer
Kirsten Spears is the Chief Financial Officer and Chief Accounting Officer at Broadcom, where she oversees all financial functions including planning, funding, and the integration of acquisitions such as VMware. She previously served as Vice President and Corporate Controller at Broadcom from May 2014 to December 2020. Before joining Broadcom, Ms. Spears was the Vice President and Corporate Controller at LSI Corporation, having joined LSI in September 1997 and holding various management positions in accounting and reporting before becoming Corporate Controller in 2007. Her earlier career included roles in audit at PriceWaterhouseCoopers, managing accounting functions at Raychem, and managing branch operations at Bank of America.
Charlie Kawwas, Ph.D., President, Semiconductor Solutions Group
Charlie Kawwas is the President of the Semiconductor Solutions Group at Broadcom, responsible for the company's 15 Semiconductor Divisions and the Brocade Storage Networking Division, and also leads Global Operations and Intellectual Property. Before this role, he was Broadcom's Chief Operating Officer from December 2020 to July 2022, and Senior Vice President and Chief Sales Officer from May 2014. Dr. Kawwas joined Broadcom through the acquisition of LSI, where he was the head of Worldwide Sales. His prior experience at LSI included Vice President of Sales and Marketing for the networking division and Vice President of Marketing for the networking and storage products group. He also held several senior management and engineering positions at Nortel before joining LSI.
Ram Velaga, President, Infrastructure Software Group
Ram Velaga serves as the President of the Infrastructure Software Group at Broadcom. He is also the Senior Vice President and General Manager of the Core Switching Group, focusing on product management and data center technologies. His professional background includes significant experience at Cisco Systems, where he honed his skills in product management and led various teams within the Data Center Technology Group.
Mark Brazeal, Chief Legal and Corporate Affairs Officer
Mark Brazeal holds the position of Chief Legal and Corporate Affairs Officer at Broadcom, overseeing the company's legal and corporate affairs.
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Key Risks to Broadcom (AVGO)
Broadcom Inc. (AVGO) faces several key risks to its business operations and financial performance, primarily stemming from customer relationships, integration challenges from recent acquisitions, and global geopolitical and supply chain vulnerabilities.
The most significant risk is customer concentration. A substantial portion of Broadcom's revenue, particularly from its AI custom silicon and wireless components, is derived from a limited number of major customers, including prominent hyperscalers like Google, Apple, Meta, Anthropic, and Amazon. Any shift in these key relationships, such as a customer opting for in-house chip production, switching to a competitor due to price adjustments, or significantly reducing orders, could lead to a multi-billion dollar revenue gap and materially impact the company's financial results.
Another considerable risk stems from the integration and customer retention challenges following the VMware acquisition. Broadcom's strategy, which has included significant price increases (reportedly between 800% and 1,500% for some European customers) and a shift to subscription-only licensing for VMware products, has led to customer dissatisfaction and a potential exodus of users seeking alternative solutions. This could result in a loss of high-margin recurring software revenue and negatively affect Broadcom's profitability. Furthermore, the integration of VMware presents operational challenges in aligning product roadmaps and fostering a cohesive organizational culture.
Finally, geopolitical risks and supply chain disruptions pose ongoing threats. Broadcom's extensive global operations, including a significant revenue exposure to China (approximately 30%), make it vulnerable to escalating trade wars, export controls, and potential retaliatory measures. Additionally, the company relies heavily on a limited number of contract manufacturers and suppliers, notably TSMC. This dependence introduces risks related to capacity constraints, manufacturing disruptions, and broader geopolitical tensions, particularly concerning key manufacturing regions.
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1. Custom Silicon Development by Hyperscalers and Major Customers: Large cloud providers (hyperscalers) and major tech companies are increasingly designing their own custom semiconductor devices for critical infrastructure components, such as networking switches, AI accelerators, and smart NICs. This vertical integration strategy reduces their reliance on merchant silicon providers like Broadcom, directly threatening Broadcom's market share and profitability in high-value data center and enterprise semiconductor segments. This trend reflects a fundamental shift in how key customers procure and deploy essential hardware, aiming for optimized performance and cost.
2. Industry Shift to Cloud-Native Architectures and Software-as-a-Service (SaaS) for Infrastructure Software: The broader enterprise software market, which Broadcom's Infrastructure Software segment addresses, is undergoing a significant transformation towards cloud-native architectures and subscription-based SaaS models. Enterprises are increasingly adopting solutions offered natively by public cloud providers or from born-in-the-cloud vendors. This trend challenges Broadcom's acquired software portfolio, which historically has strong roots in on-premise deployments and traditional licensing models, potentially eroding demand for legacy solutions if not effectively transitioned to modern consumption models.
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Broadcom Inc. (AVGO) operates in two primary segments: Semiconductor Solutions and Infrastructure Software. The company addresses several significant global markets within these segments.
Infrastructure Software Segment
- Broadcom has stated that its Infrastructure Software segment had an addressable market of more than $100 billion as of November 2021.
- The broader global enterprise software market was valued at approximately $539.45 billion in 2024 and is projected to grow to $923.06 billion by 2033. Another estimate places the global enterprise software market at $899.9 billion in 2024, when using a broader definition that includes infrastructure, security software, and databases.
- Within the software segment, the global virtualization software industry, which includes offerings like VMware, was valued at $65 billion in 2023 and is projected to reach $90 billion by 2026. The global server virtualization market specifically was estimated at $9.15 billion in 2024 and is projected to reach $17.25 billion by 2033. VMware holds nearly 40% of the virtual machine market share globally.
Semiconductor Solutions Segment
- RF Front End Modules: The global RF front-end module market size was valued at $25.6 billion in 2024 and is estimated to reach $65.0 billion by 2033. Another projection indicates the market was estimated at $28.7 billion in 2025 and is expected to grow to $87.7 billion by 2035. The Asia-Pacific region dominated this market in 2024.
- Data Center Networking and Ethernet Switching:
- The global data center networking market size was estimated at $38.49 billion in 2024 and is projected to reach $154.83 billion by 2033. Other estimates include $39.52 billion in 2025, projected to reach $114.08 billion by 2034, or $55.64 billion in 2025, projected to reach $139.08 billion by 2031. North America held the largest revenue share in the data center networking market in both 2024 and 2025.
- The global Ethernet switch market size was valued at $43.84 billion in 2025 and is projected to reach $76.4 billion by 2034. Another report valued the global Ethernet switch market at $18.2 billion in 2024, with a projection to reach $29.6 billion by 2034.
- The global Ethernet switch chips market size was valued at $3.50 billion in 2024 and is projected to grow to $5.10 billion by 2032. Broadcom is a significant player in the Ethernet switch chips market, holding approximately 54.6% revenue share in 2024.
- Broadband Access Equipment: The global broadband access equipment market size was valued at $139.71 billion in 2023 and is projected to grow to $231.33 billion by 2032. Another source indicates the market size reached $16.2 billion in 2024 and is projected to achieve $33.1 billion by 2033. North America is noted as the largest market, while Asia-Pacific also holds a significant share.
- Fiber Optic Components: The global optical fiber components market size was valued at $26.53 billion in 2024 and is expected to reach $50.20 billion by 2032. Another projection shows the fiber optic components market growing from $36.69 billion in 2025 to $58.65 billion by 2030. Asia-Pacific dominated this market with a 44.5% revenue share in 2024.
- AI Semiconductors / Custom AI Chips: Broadcom's AI chip sales surged by 65% in fiscal year 2025, reaching $20 billion and accounting for over 31% of its total revenue. The company's management has projected that AI semiconductor revenue alone could exceed $100 billion by 2027.
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Broadcom (AVGO) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Accelerated Growth in AI Semiconductors: Broadcom anticipates substantial revenue growth from its Artificial Intelligence (AI) semiconductor business, particularly from custom AI accelerators (XPUs) and AI networking chips. The company projects significant year-over-year increases, with management having a line of sight to achieve AI revenue from chips exceeding $100 billion in 2027. This growth is fueled by strong demand from hyperscale customers for both training and inference in AI semiconductors, with custom accelerator business more than doubling year-over-year.
- Expansion of the Infrastructure Software Segment through VMware: The strategic acquisition of VMware and its transition to a subscription-based model is a crucial driver for Broadcom's infrastructure software revenue. This segment is expected to deliver stable, recurring revenue streams with anticipated low double-digit percentage growth. VMware Cloud Foundation (VCF) is highlighted as a key growth driver, offering a full-stack private cloud solution that contributes to the infrastructure software's high gross margins.
- Expanding Customer Base for Custom AI Accelerators: Broadcom is actively qualifying new custom AI chip customers, which is expected to further accelerate its AI revenue growth. The company has secured component supply for 2026 through 2028 to meet this demand, and has potential for additional XPU sales with other customers in discussions. This expansion beyond existing hyperscaler relationships contributes to the significant backlog of AI-related products.
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Share Repurchases
- Broadcom's Board of Directors authorized a new share repurchase program of up to $10 billion through December 31, 2026.
- As of February 2026, $7.5 billion remained from a previous share repurchase authorization, also extended through the end of calendar year 2026.
- In the first quarter of fiscal year 2026 (ended February 1, 2026), Broadcom repurchased $7.8 billion of common stock. The company reported returning $10.9 billion to shareholders in Q1 FY26 through dividends and share repurchases.
- Broadcom executed share repurchases of $6.4 billion in fiscal year 2025, $7.176 billion in fiscal year 2024, and $5.824 billion in fiscal year 2023.
Share Issuance
- While specific dollar amounts for share issuances are not readily available, Broadcom's shares outstanding increased by 1.57% in 2025 to 4.853 billion, by 11.84% in 2024 to 4.778 billion, and by 0.95% in 2023 to 4.272 billion.
- The acquisition of VMware in November 2023 was a cash-and-stock transaction, implying some shares were issued as part of the deal.
Outbound Investments
- Broadcom completed the acquisition of VMware in a cash-and-stock transaction valued at $69 billion on November 22, 2023. This strategic move aimed to expand Broadcom's infrastructure software segment.
- Net acquisitions/divestitures for the twelve months ending October 31, 2025, amounted to $600 million.
Capital Expenditures
- Broadcom's capital expenditures were $623 million in fiscal year 2025, $548 million in fiscal year 2024, and $452 million in fiscal year 2023.
- For the first quarter of fiscal year 2026, capital expenditures were $250 million.
- Capital expenditures generally focus on maintaining existing assets and expanding property, plant, and equipment to support its semiconductor and infrastructure software solutions businesses.
Peer Outperformance in Semiconductors
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 72.0% | 192.8% | 352.3% | TTMI 929% · FLEX 782% · SANM 471% |
| Semiconductor Materials & Equipment | 27 | 99.4% | 115.2% | 136.3% | AXTI 1003% · AEHR 667% · KLAC 560% |
| Technology Distributors | 9 | 43.0% | 91.9% | 109.1% | CLMB 441% · AVT 219% · SNX 182% |
| Electronic Components | 26 | 43.8% | 82.1% | 82.1% | CLS 4166% · BELFA 1419% · COHR 511% |
| Communications Equipment | 36 | 3.3% | 94.2% | 76.5% | AAOI 1670% · LITE 1234% · FEIM 949% |
| Semiconductors ← | 54 | 28.0% | 66.7% | 45.9% | POET 1818% · MU 1458% · NVDA 1059% |
| Technology Hardware, Storage & Peripherals | 20 | 19.1% | 122.9% | 35.1% | STX 1168% · SMCI 1083% · DELL 1044% |
| Internet Services & Infrastructure | 6 | -6.7% | 40.9% | 23.6% | DOCN 67% · GDDY 43% · VRSN 43% |
| Electronic Equipment & Instruments | 26 | -21.3% | 36.5% | -1.3% | PI 242% · KEYS 138% · VPG 122% |
| IT Consulting & Other Services | 28 | -21.7% | -9.4% | -17.7% | CHRN 489374% · APLD 983% · TSSI 814% |
| Application Software | 125 | -27.0% | -14.8% | -43.8% | VIDA 126567% · INLX 4764% · PLTR 703% |
| Systems Software | 70 | -17.5% | 22.4% | -51.9% | QNC 590% · PAYS 461% · PANW 402% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 283.94 |
| Mkt Cap | 650.8 |
| Rev LTM | 42,687 |
| Op Inc LTM | 8,832 |
| FCF LTM | 9,410 |
| FCF 3Y Avg | 8,068 |
| CFO LTM | 11,240 |
| CFO 3Y Avg | 10,044 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 35.1% |
| Rev Chg 3Y Avg | 22.5% |
| Rev Chg Q | 43.3% |
| QoQ Delta Rev Chg LTM | 9.3% |
| Op Inc Chg LTM | 95.4% |
| Op Inc Chg 3Y Avg | 70.9% |
| Op Mgn LTM | 30.7% |
| Op Mgn 3Y Avg | 31.0% |
| QoQ Delta Op Mgn LTM | 1.6% |
| CFO/Rev LTM | 36.2% |
| CFO/Rev 3Y Avg | 36.2% |
| FCF/Rev LTM | 25.6% |
| FCF/Rev 3Y Avg | 25.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 650.8 |
| P/S | 19.3 |
| P/Op Inc | 38.2 |
| P/EBIT | 37.9 |
| P/E | 44.9 |
| P/CFO | 42.9 |
| Total Yield | 3.2% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 1.9% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.8% |
| 3M Rtn | 3.6% |
| 6M Rtn | 47.5% |
| 12M Rtn | 48.2% |
| 3Y Rtn | 373.8% |
| 1M Excs Rtn | 11.6% |
| 3M Excs Rtn | 6.1% |
| 6M Excs Rtn | 29.9% |
| 12M Excs Rtn | 31.0% |
| 3Y Excs Rtn | 299.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor solutions | 36,858 | 30,096 | 28,182 | 25,818 | 20,383 |
| Infrastructure software | 27,029 | 21,478 | 7,637 | 7,385 | 7,067 |
| Total | 63,887 | 51,574 | 35,819 | 33,203 | 27,450 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor solutions | 21,232 | 16,759 | 16,486 | 15,075 | 10,976 |
| Infrastructure software | 20,765 | 13,977 | 5,639 | 5,219 | 4,936 |
| Acquisition-related costs | -216 | -549 | -252 | ||
| Restructuring and other charges | -667 | -1,787 | -248 | ||
| Stock-based compensation | -7,568 | -5,670 | -2,171 | ||
| Amortization of acquisition-related intangible assets | -8,062 | -9,267 | -3,247 | ||
| Unallocated expenses | -6,069 | -7,393 | |||
| Total | 25,484 | 13,463 | 16,207 | 14,225 | 8,519 |
Price Behavior
| Market Price | $362.51 | |
| Market Cap ($ Bil) | 1,727.7 | |
| First Trading Date | 08/06/2009 | |
| Distance from 52W High | -24.5% | |
| 50 Days | 200 Days | |
| DMA Price | $372.30 | $366.38 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -2.6% | -1.1% |
| 3M | 1YR | |
| Volatility | 38.9% | 46.8% |
| Downside Capture | 164.94 | 225.76 |
| Upside Capture | 123.33 | 195.55 |
| Correlation (SPY) | 52.5% | 60.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.74 | 1.59 | 1.86 | 2.06 | 2.15 | 2.01 |
| Up Beta | 1.40 | 2.71 | 2.93 | 2.05 | 2.41 | 1.86 |
| Down Beta | 2.66 | 0.88 | 1.68 | 2.23 | 2.02 | 1.91 |
| Up Capture | 25% | 89% | 135% | 221% | 324% | 2898% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 20 | 31 | 65 | 129 | 402 |
| Down Capture | 96% | 200% | 178% | 193% | 157% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 22 | 33 | 61 | 123 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVGO | |
|---|---|---|---|---|
| AVGO | 8.0% | 46.6% | 0.30 | - |
| Sector ETF (XLK) | 41.2% | 26.5% | 1.27 | 72.5% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 60.2% |
| Gold (GLD) | 7.0% | 29.6% | 0.23 | 15.0% |
| Commodities (DBC) | 45.9% | 20.9% | 1.71 | -4.0% |
| Real Estate (VNQ) | 1.6% | 13.6% | -0.14 | -10.7% |
| Bitcoin (BTCUSD) | -30.1% | 44.3% | -0.68 | 29.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVGO | |
|---|---|---|---|---|
| AVGO | 51.0% | 44.3% | 1.06 | - |
| Sector ETF (XLK) | 21.8% | 25.9% | 0.74 | 74.2% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 63.8% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 10.9% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | 10.7% |
| Real Estate (VNQ) | 0.9% | 18.8% | -0.06 | 25.9% |
| Bitcoin (BTCUSD) | 14.9% | 52.2% | 0.45 | 24.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVGO | |
|---|---|---|---|---|
| AVGO | 39.5% | 39.9% | 0.96 | - |
| Sector ETF (XLK) | 25.1% | 25.0% | 0.90 | 73.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 65.4% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 9.0% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 19.1% |
| Real Estate (VNQ) | 4.1% | 20.7% | 0.16 | 36.0% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 18.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -2.7% | -1.7% | -3.1% |
| 6/3/2026 | -12.6% | -22.4% | -21.9% |
| 3/4/2026 | 4.8% | 7.6% | -0.7% |
| 12/11/2025 | -11.4% | -18.8% | -12.6% |
| 9/4/2025 | 9.4% | 17.5% | 10.7% |
| 6/5/2025 | -5.0% | -1.5% | 7.2% |
| 3/6/2025 | 8.6% | 6.6% | -18.2% |
| 12/12/2024 | 24.4% | 20.8% | 26.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 18 | 14 |
| # Negative | 8 | 6 | 10 |
| Median Positive | 3.3% | 6.3% | 10.6% |
| Median Negative | -6.2% | -8.7% | -5.5% |
| Max Positive | 24.4% | 20.8% | 26.5% |
| Max Negative | -12.6% | -22.4% | -21.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -2.7% | -1.7% | -3.1% |
| 6/3/2026 | -12.6% | -22.4% | -21.9% |
| 3/4/2026 | 4.8% | 7.6% | -0.7% |
| 12/11/2025 | -11.4% | -18.8% | -12.6% |
| 9/4/2025 | 9.4% | 17.5% | 10.7% |
| 6/5/2025 | -5.0% | -1.5% | 7.2% |
| 3/6/2025 | 8.6% | 6.6% | -18.2% |
| 12/12/2024 | 24.4% | 20.8% | 26.5% |
| 9/5/2024 | -10.4% | 7.7% | 16.0% |
| 6/12/2024 | 12.3% | 16.0% | 15.0% |
| 3/7/2024 | -7.0% | -10.3% | -4.6% |
| 12/7/2023 | 2.4% | 20.0% | 17.9% |
| 8/31/2023 | -5.5% | -7.1% | -9.0% |
| 6/1/2023 | 2.8% | 1.8% | 11.5% |
| 3/2/2023 | 5.7% | 4.0% | 7.9% |
| 12/8/2022 | 2.6% | 5.1% | 9.2% |
| 9/1/2022 | 1.7% | 6.2% | -6.4% |
| 5/26/2022 | 3.6% | 8.5% | -4.1% |
| 3/3/2022 | 3.0% | 1.6% | 9.1% |
| 12/9/2021 | 8.3% | 6.4% | 7.1% |
| 9/2/2021 | 1.2% | 1.3% | -2.5% |
| 6/3/2021 | 2.2% | 0.8% | 1.5% |
| 3/4/2021 | 1.5% | 2.3% | 11.0% |
| 12/10/2020 | -1.0% | 3.9% | 10.5% |
| SUMMARY STATS | |||
| # Positive | 16 | 18 | 14 |
| # Negative | 8 | 6 | 10 |
| Median Positive | 3.3% | 6.3% | 10.6% |
| Median Negative | -6.2% | -8.7% | -5.5% |
| Max Positive | 24.4% | 20.8% | 26.5% |
| Max Negative | -12.6% | -22.4% | -21.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/10/2026 | 10-Q |
| 04/30/2026 | 06/09/2026 | 10-Q |
| 01/31/2026 | 03/11/2026 | 10-Q |
| 10/31/2025 | 12/18/2025 | 10-K |
| 07/31/2025 | 09/10/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/12/2025 | 10-Q |
| 10/31/2024 | 12/20/2024 | 10-K |
| 07/31/2024 | 09/11/2024 | 10-Q |
| 04/30/2024 | 06/13/2024 | 10-Q |
| 01/31/2024 | 03/14/2024 | 10-Q |
| 10/31/2023 | 12/14/2023 | 10-K |
| 07/31/2023 | 09/06/2023 | 10-Q |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/16/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/10/2026 | 10-Q |
| 04/30/2026 | 06/09/2026 | 10-Q |
| 01/31/2026 | 03/11/2026 | 10-Q |
| 10/31/2025 | 12/18/2025 | 10-K |
| 07/31/2025 | 09/10/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/12/2025 | 10-Q |
| 10/31/2024 | 12/20/2024 | 10-K |
| 07/31/2024 | 09/11/2024 | 10-Q |
| 04/30/2024 | 06/13/2024 | 10-Q |
| 01/31/2024 | 03/14/2024 | 10-Q |
| 10/31/2023 | 12/14/2023 | 10-K |
| 07/31/2023 | 09/06/2023 | 10-Q |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/16/2022 | 10-K |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/09/2022 | 10-Q |
| 01/31/2022 | 03/10/2022 | 10-Q |
| 10/31/2021 | 12/17/2021 | 10-K |
| 07/31/2021 | 09/09/2021 | 10-Q |
| 04/30/2021 | 06/11/2021 | 10-Q |
| 01/31/2021 | 03/12/2021 | 10-Q |
| 10/31/2020 | 12/18/2020 | 10-K |
| 07/31/2020 | 09/11/2020 | 10-Q |
| 04/30/2020 | 06/12/2020 | 10-Q |
| 01/31/2020 | 03/13/2020 | 10-Q |
| 10/31/2019 | 12/20/2019 | 10-K |
Recent Forward Guidance
Updated 9/3/2026Latest: Q3 2026 Earnings Reported 9/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 34.80 Bil | 18.4% | Higher New | Guidance: 29.40 Bil for Q3 2026 | |||
| Q4 2026 AI Semiconductor Revenue | Reported | 21.70 Bil | 35.6% | Higher New | Guidance: 16.00 Bil for Q3 2026 | |||
| Q4 2026 Operating Margin | Reported | 66.0% | -1.0% | Lower New | Guidance: 67.0% for Q3 2026 | |||
Prior: Q2 2026 Earnings Reported 6/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 29.40 Bil | 33.6% | Higher New | Actual: 22.00 Bil for Q2 2026 | |||
| Q3 2026 AI Semiconductor Revenue | Reported | 16.00 Bil | 49.5% | Higher New | Actual: 10.70 Bil for Q2 2026 | |||
| Q3 2026 Non-GAAP Operating Income | Reported | 0.67 | ||||||
| Q3 2026 Adjusted EBITDA | Reported | 0.68 | 0.0% | Same New | Actual: 0.68 for Q2 2026 | |||
Q1 2026 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 22.00 Bil | 15.2% | Higher New | Guidance: 19.10 Bil for Q1 2026 | |||
| Q2 2026 AI Semiconductor Revenue | Reported | 10.70 Bil | 30.5% | Higher New | Guidance: 8.20 Bil for Q1 2026 | |||
| Q2 2026 Adjusted EBITDA Margin | Reported | 68.0% | 1.0% | Higher New | Guidance: 67.0% for Q1 2026 | |||
Q4 2025 Earnings Reported 12/11/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 19.10 Bil | 9.8% | Higher New | Guidance: 17.40 Bil for Q4 2025 | |||
| Q1 2026 AI Semiconductor Revenue | Reported | 8.20 Bil | 32.3% | Higher New | Guidance: 6.20 Bil for Q4 2025 | |||
| Q1 2026 Adjusted EBITDA | Reported | 0.67 | 0 | Same New | Guidance: 0.67 for Q4 2025 | |||
| 2026 Quarterly Dividend | Reported | 0.65 | 10.0% | Raised | Guidance: 0.59 for 2025 | |||
| 2026 Annual Dividend | Reported | 2.6 | Higher New | |||||
Insider Activity
Updated 9/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Samueli, Henry | See Footnote | Sell | 9252026 | 356.04 | 702,190 | 250,006,184 | 10,650,451,410 | Form | |
| 2 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 7142026 | 401.33 | 25,000 | 10,033,225 | 78,254,740 | Form |
| 3 | Delly, Gayla J | Direct | Sell | 7102026 | 385.38 | 1,890 | 728,368 | 12,072,414 | Form | |
| 4 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 7102026 | 379.19 | 25,000 | 9,479,700 | 83,417,189 | Form |
| 5 | Page, Justine | Direct | Sell | 7012026 | 373.86 | 1,602 | 598,916 | 6,514,797 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Samueli, Henry | See Footnote | Sell | 9252026 | 356.04 | 702,190 | 250,006,184 | 10,650,451,410 | Form | |
| 2 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 7142026 | 401.33 | 25,000 | 10,033,225 | 78,254,740 | Form |
| 3 | Delly, Gayla J | Direct | Sell | 7102026 | 385.38 | 1,890 | 728,368 | 12,072,414 | Form | |
| 4 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 7102026 | 379.19 | 25,000 | 9,479,700 | 83,417,189 | Form |
| 5 | Page, Justine | Direct | Sell | 7012026 | 373.86 | 1,602 | 598,916 | 6,514,797 | Form | |
| 6 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 6292026 | 387.00 | 25,000 | 9,675,000 | 94,810,743 | Form |
| 7 | Samueli, Henry | See Footnote | Sell | 6262026 | 382.13 | 654,241 | 250,005,852 | 11,558,680,604 | Form | |
| 8 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 6182026 | 394.91 | 4,825 | 1,905,454 | 106,622,095 | Form |
| 9 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 6182026 | 381.87 | 3,327 | 1,270,465 | 104,941,868 | Form |
| 10 | You, Harry L | Direct | Buy | 6152026 | 373.57 | 1,000 | 373,570 | 14,369,744 | Form | |
| 11 | Velaga, S. Ram | President, ISG | Direct | Sell | 4142026 | 370.52 | 8,000 | 2,964,178 | 21,465,098 | Form |
| 12 | Delly, Gayla J | Direct | Sell | 4132026 | 358.31 | 1,000 | 358,310 | 11,592,045 | Form | |
| 13 | Velaga, S. Ram | President, ISG | Direct | Sell | 4102026 | 352.12 | 17,260 | 6,077,564 | 23,215,870 | Form |
| 14 | Velaga, S. Ram | President, ISG | Direct | Sell | 4102026 | 352.02 | 12,955 | 4,560,449 | 29,285,439 | Form |
| 15 | Page, Justine | Direct | Sell | 4102026 | 353.00 | 2,018 | 712,354 | 6,411,894 | Form | |
| 16 | Kawwas, Charlie B | President, SSG | Trust | Sell | 4102026 | 345.23 | 10,000 | 3,452,270 | 271,757,171 | Form |
| 17 | Samueli, Henry | See Footnote | Sell | 3272026 | 319.71 | 781,967 | 250,000,302 | 9,878,241,753 | Form | |
| 18 | Velaga, S. Ram | President, ISG | Direct | Sell | 3182026 | 321.60 | 38,841 | 12,491,272 | 30,920,891 | Form |
| 19 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 3182026 | 321.60 | 36,292 | 11,671,572 | 105,408,201 | Form |
| 20 | Kawwas, Charlie B | President, SSG | Direct | Sell | 3182026 | 321.61 | 39,116 | 12,579,953 | 24,000,194 | Form |
| 21 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 3182026 | 321.60 | 50,488 | 16,236,990 | 89,450,415 | Form |
| 22 | Velaga, S. Ram | President, ISG | Direct | Sell | 3182026 | 326.10 | 25,538 | 8,327,831 | 44,019,001 | Form |
| 23 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 3182026 | 326.09 | 23,862 | 7,781,144 | 118,713,477 | Form |
| 24 | Kawwas, Charlie B | President, SSG | Direct | Sell | 3182026 | 326.10 | 25,718 | 8,386,722 | 37,091,628 | Form |
| 25 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 3182026 | 326.10 | 33,194 | 10,824,704 | 107,167,309 | Form |
| 26 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 1052026 | 347.82 | 30,000 | 10,434,603 | 96,428,599 | Form |
| 27 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 12302025 | 352.07 | 25,921 | 9,126,058 | 84,699,017 | Form |
| 28 | Tan, Hock E | President and CEO | Trust | Sell | 12292025 | 345.65 | 100,000 | 34,564,807 | 171,316,320 | Form |
| 29 | You, Harry L | Direct | Buy | 12222025 | 325.13 | 1,000 | 325,129 | 11,900,372 | Form | |
| 30 | Tan, Hock E | President and CEO | Trust | Sell | 12222025 | 326.02 | 130,000 | 42,382,600 | 194,189,901 | Form |
| 31 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 12192025 | 327.65 | 38,281 | 12,542,615 | 87,315,682 | Form |
| 32 | Kawwas, Charlie B | President, Semi Solutions Grp | Direct | Sell | 12182025 | 327.80 | 1,928 | 631,999 | 7,730,191 | Form |
| 33 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 12182025 | 327.79 | 3,714 | 1,217,397 | 100,707,934 | Form |
| 34 | Kawwas, Charlie B | President, Semi Solutions Grp | Direct | Sell | 12182025 | 340.98 | 1,235 | 421,113 | 8,698,454 | Form |
| 35 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 12182025 | 340.92 | 2,379 | 811,043 | 106,008,711 | Form |
| 36 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 12182025 | 340.91 | 24,527 | 8,361,500 | 103,900,844 | Form |
| 37 | Page, Justine | Direct | Sell | 12172025 | 361.89 | 800 | 289,512 | 7,448,420 | Form | |
| 38 | Samueli, Henry | See Footnote | Sell | 12092025 | 400.53 | 320,316 | 128,297,553 | 14,950,560,542 | Form | |
| 39 | Page, Justine | Direct | Sell | 11182025 | 331.14 | 800 | 264,912 | 7,080,435 | Form | |
| 40 | Page, Justine | Direct | Sell | 10162025 | 350.15 | 800 | 280,120 | 7,767,027 | Form | |
| 41 | Samueli, Henry | See Footnote | Sell | 9262025 | 337.91 | 368,797 | 124,620,222 | 12,746,824,276 | Form | |
| 42 | Tan, Hock E | President and CEO | Trust | Sell | 9252025 | 339.58 | 100,000 | 33,958,393 | 246,415,006 | Form |
| 43 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 9182025 | 347.61 | 16,558 | 5,755,739 | 114,468,921 | Form |
| 44 | Kawwas, Charlie B | President, Semi Solutions Grp | Direct | Sell | 9182025 | 347.82 | 3,893 | 1,354,048 | 8,798,011 | Form |
| 45 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 9182025 | 347.66 | 7,498 | 2,606,782 | 108,933,449 | Form |
| 46 | Brazeal, Mark David | Chief Legal & Corp Affairs Ofc | Direct | Sell | 9182025 | 360.38 | 10,646 | 3,836,648 | 124,642,405 | Form |
| 47 | Kawwas, Charlie B | President, Semi Solutions Grp | Direct | Sell | 9182025 | 360.39 | 2,504 | 902,411 | 10,519,001 | Form |
| 48 | Spears, Kirsten M | CFO & Chief Accounting Officer | Direct | Sell | 9182025 | 360.38 | 4,821 | 1,737,399 | 115,620,430 | Form |
| 49 | Page, Justine | Direct | Sell | 9172025 | 360.00 | 800 | 288,000 | 8,273,520 | Form | |
| 50 | Tan, Hock E | President and CEO | Trust | Sell | 9122025 | 336.67 | 148,154 | 49,879,007 | 278,088,747 | Form |
| 51 | You, Harry L | Direct | Buy | 9102025 | 363.38 | 500 | 181,688 | 12,936,877 | Form | |
| 52 | You, Harry L | Direct | Buy | 9102025 | 339.38 | 1,000 | 339,385 | 11,913,092 | Form | |
| 53 | You, Harry L | Direct | Buy | 9102025 | 344.78 | 2,050 | 706,798 | 11,757,667 | Form |
Investor Activity (13F)
Updated Oct 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ask Capital Management, LLC | $524.6 Mil | 98.5% | 3 | Hold | 13F |
| Inspire Investing, LLC | $69.0 Mil | 13.9% | 313 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $56.4 Mil | 13.7% | 46 | TRIM -53.2% | 13F |
| Proem Advisors LLC | $40.2 Mil | 13.3% | 29 | ADD +76.9% | 13F |
| M & L Capital Management Ltd | $53.7 Mil | 13.2% | 19 | ADD +31.8% | 13F |
| FUKOKU MUTUAL LIFE INSURANCE Co | $195.0 Mil | 12.8% | 235 | Hold | 13F |
| Carmel Capital Management L.L.C. | $43.8 Mil | 12.5% | 25 | Hold | 13F |
| Broad Peak Investment Advisers Pte Ltd | $57.3 Mil | 11.6% | 23 | New | 13F |
| Glass Wealth Management Co LLC | $28.5 Mil | 11.0% | 67 | Hold | 13F |
| Hillman Co | $27.1 Mil | 10.5% | 14 | Hold | 13F |
| UNICOM Systems, Inc. | $92.9 Mil | 9.5% | 32 | Hold | 13F |
| Light Street Capital Management, LLC | $46.4 Mil | 9.3% | 23 | Hold | 13F |
| Boulder Wealth Advisors, LLC | $22.9 Mil | 9.1% | 32 | New | 13F |
| DSM Capital Partners LLC | $499.9 Mil | 8.8% | 44 | Hold | 13F |
| Randolph Co Inc | $91.9 Mil | 8.8% | 43 | Hold | 13F |
| PARUS FINANCE (UK) Ltd | $28.6 Mil | 8.6% | 37 | Hold | 13F |
| Oaktop Capital Management Ii, L.P. | $112.3 Mil | 8.4% | 14 | Hold | 13F |
| Crake Asset Management LLP | $232.7 Mil | 8.1% | 20 | New | 13F |
| Harvard Management Co Inc | $146.7 Mil | 8.1% | 17 | New | 13F |
| Scge Management, L.P. | $245.3 Mil | 7.4% | 21 | New | 13F |
| Michael & Susan Dell Foundation | $197.6 Mil | 6.9% | 8 | Hold | 13F |
| FFG Partners, LLC | $16.5 Mil | 6.5% | 35 | New | 13F |
| Blue Whale Capital LLP | $136.0 Mil | 6.5% | 26 | ADD +23.5% | 13F |
| Kinetic Partners Management, LP | $111.7 Mil | 6.3% | 49 | New | 13F |
| Hamilton Capital Partners, LLC | $19.7 Mil | 6.1% | 30 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Scge Management, L.P. | $245.3 Mil | 7.4% | 21 | New | 13F |
| Crake Asset Management LLP | $232.7 Mil | 8.1% | 20 | New | 13F |
| Harvard Management Co Inc | $146.7 Mil | 8.1% | 17 | New | 13F |
| Kinetic Partners Management, LP | $111.7 Mil | 6.3% | 49 | New | 13F |
| Inspire Investing, LLC | $69.0 Mil | 13.9% | 313 | New | 13F |
| Broad Peak Investment Advisers Pte Ltd | $57.3 Mil | 11.6% | 23 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $40.3 Mil | 6.0% | 28 | New | 13F |
| Boulder Wealth Advisors, LLC | $22.9 Mil | 9.1% | 32 | New | 13F |
| Hamilton Capital Partners, LLC | $19.7 Mil | 6.1% | 30 | New | 13F |
| FFG Partners, LLC | $16.5 Mil | 6.5% | 35 | New | 13F |
| Proem Advisors LLC | $40.2 Mil | 13.3% | 29 | ADD +76.9% | 13F |
| M & L Capital Management Ltd | $53.7 Mil | 13.2% | 19 | ADD +31.8% | 13F |
| Blue Whale Capital LLP | $136.0 Mil | 6.5% | 26 | ADD +23.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Trivest Advisors Ltd | $252.7 Mil | 11.5% | 30 | Exited | Dec 31, 2025 | 13F |
| SurgoCap Partners LP | $231.9 Mil | 6.4% | 17 | Exited | Dec 31, 2025 | 13F |
| RK Capital Management, LLC/FL | $98.6 Mil | 6.1% | 20 | Exited | Dec 31, 2025 | 13F |
| Oxbow Capital Management (HK) Ltd | $86.1 Mil | 23.9% | 8 | Exited | Dec 31, 2025 | 13F |
| Gladstone Capital Management LLP | $73.7 Mil | 7.6% | 28 | Exited | Dec 31, 2025 | 13F |
| Tree Line Advisors (Hong Kong) Ltd. | $55.4 Mil | 12.6% | 6 | Exited | Dec 31, 2025 | 13F |
| Cypress Funds LLC | $40.1 Mil | 6.6% | 14 | Exited | Dec 31, 2025 | 13F |
| Estuary Capital Management LP | $36.3 Mil | 6.4% | 23 | Exited | Dec 31, 2025 | 13F |
| ADAPT Investment Managers SA | $35.5 Mil | 7.2% | 28 | Exited | Dec 31, 2025 | 13F |
| Aragon Global Management, LP | $26.9 Mil | 8.2% | 32 | Exited | Dec 31, 2025 | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $56.4 Mil | 13.7% | 46 | TRIM -53.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ask Capital Management, LLC | $524.6 Mil | 98.5% | 3 | Hold | 13F |
| DSM Capital Partners LLC | $499.9 Mil | 8.8% | 44 | Hold | 13F |
| Scge Management, L.P. | $245.3 Mil | 7.4% | 21 | New | 13F |
| Crake Asset Management LLP | $232.7 Mil | 8.1% | 20 | New | 13F |
| Michael & Susan Dell Foundation | $197.6 Mil | 6.9% | 8 | Hold | 13F |
| FUKOKU MUTUAL LIFE INSURANCE Co | $195.0 Mil | 12.8% | 235 | Hold | 13F |
| Harvard Management Co Inc | $146.7 Mil | 8.1% | 17 | New | 13F |
| Blue Whale Capital LLP | $136.0 Mil | 6.5% | 26 | ADD +23.5% | 13F |
| Oaktop Capital Management Ii, L.P. | $112.3 Mil | 8.4% | 14 | Hold | 13F |
| Kinetic Partners Management, LP | $111.7 Mil | 6.3% | 49 | New | 13F |
| UNICOM Systems, Inc. | $92.9 Mil | 9.5% | 32 | Hold | 13F |
| Randolph Co Inc | $91.9 Mil | 8.8% | 43 | Hold | 13F |
| Inspire Investing, LLC | $69.0 Mil | 13.9% | 313 | New | 13F |
| Broad Peak Investment Advisers Pte Ltd | $57.3 Mil | 11.6% | 23 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $56.4 Mil | 13.7% | 46 | TRIM -53.2% | 13F |
| M & L Capital Management Ltd | $53.7 Mil | 13.2% | 19 | ADD +31.8% | 13F |
| Light Street Capital Management, LLC | $46.4 Mil | 9.3% | 23 | Hold | 13F |
| Carmel Capital Management L.L.C. | $43.8 Mil | 12.5% | 25 | Hold | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $40.3 Mil | 6.0% | 28 | New | 13F |
| Proem Advisors LLC | $40.2 Mil | 13.3% | 29 | ADD +76.9% | 13F |
| PARUS FINANCE (UK) Ltd | $28.6 Mil | 8.6% | 37 | Hold | 13F |
| Glass Wealth Management Co LLC | $28.5 Mil | 11.0% | 67 | Hold | 13F |
| Hillman Co | $27.1 Mil | 10.5% | 14 | Hold | 13F |
| Boulder Wealth Advisors, LLC | $22.9 Mil | 9.1% | 32 | New | 13F |
| Hamilton Capital Partners, LLC | $19.7 Mil | 6.1% | 30 | New | 13F |
AVGO Trade Sentinel
High Conviction
CONVICTION RATIONALE
Broadcom's AI business is inflecting, with revenue growth accelerating to 221% year-over-year. Management provides rare multi-year visibility, forecasting AI revenue to reach $230 billion by fiscal 2028, with supply secured. Massive operating leverage is driving operating margins toward 66%, demonstrating a powerful and profitable pivot to custom AI silicon.
STOCK ARCHETYPE
Long-Cycle Custom Product(Number of AI customers) x (Compute capacity deployed per customer in gigawatts) x (Revenue content per gigawatt) Operating leverage from massive AI revenue growth on a relatively stable operating expense base.
INVESTMENT THESIS
Evidence points to a durable, multi-year growth phase driven by deep partnerships for custom AI accelerators (XPUs) that outperform general-purpose chips for specific workloads.
- Management forecasts AI revenue to reach approximately $115 billion in fiscal 2027.
- The company has line of sight for AI revenue to double again to $230 billion in fiscal 2028.
- Q3 fiscal 2026 AI semiconductor revenue grew 221% year-over-year.
- Q4 fiscal 2026 operating margin is guided to be approximately 66% of revenue.
- Trailing-twelve-month revenue grew 48.7% while operating expenses grew only 8.1%.
PRIMARY RISK
The business is highly dependent on a handful of large customers, with the top five accounting for approximately 55% of revenue. A strategic shift, successful in-house chip development, or loss of a single key XPU customer could materially damage the company's growth trajectory and invalidate its multi-year outlook.
- The top five end customers accounted for approximately 55% of net revenue in Q3 2026.
- Customer concentration has increased from approximately 40% in fiscal year 2025.
- The company's AI business is dependent on six core XPU customers.
- The stock reacted negatively by -3.0% to the most recent earnings report despite strong results.
| KPI | Status | Rationale |
|---|---|---|
| AI Semiconductor Revenue Growth | 221% year-over-year growth in Q3 FY2026 - Accelerating | The year-over-year growth rate for AI Semiconductor revenue has shown dramatic and consistent acceleration over the past three quarters, moving from 106% to 143% and now 221%. This indicates an explosive ramp in demand and shipments for the company's custom accelerators (XPUs) and networking products. |
| Infrastructure Software Revenue Growth | 29% year-over-year growth in Q3 FY2026 - Accelerating | Infrastructure Software revenue growth has accelerated significantly on a year-over-year basis, driven by the VMware acquisition. However, management's commentary notes that underlying Annual Recurring Revenue (ARR) growth has moderated from 19% in Q1 to 15% in Q3. The forecast for a sequential stabilization in Q4 suggests the initial post-acquisition surge is leveling off. |
| Infrastructure Software ARR Growth | 15% year-over-year (Q3 FY2026) | The health and predictability of the recurring revenue base in the high-margin software segment. |
| AI Revenue as % of Total Revenue | 56% (Q3 FY2026) | The company's increasing concentration and strategic pivot towards the AI market. |
Custom Silicon Leverage vs. Customer Concentration Risk
BULL VIEW
Bulls believe the deep, multi-year co-development partnerships with six key XPU customers create high switching costs and provide unparalleled visibility, justifying the concentration risk with a clear path to $230 billion in AI revenue by fiscal 2028.
CORE TENSION
Can the supply-secured growth to $230 billion in AI revenue by FY28 outweigh the structural risk from the top five customers representing 55% of sales?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management has consistently raised its multi-year AI outlook and has secured the supply chain through 2028 to meet its targets.
BEAR VIEW
Bears argue that dependence on so few customers (top five are 55% of revenue) creates fragility. A single customer loss could erase billions in projected growth, a risk the market acknowledges with negative reactions to strong results.
| Timeline | Event & Metric To Watch |
|---|---|
11/17/2026 | Peer AI Narrative Shift Watch: NVIDIA's commentary on AI demand sustainability, supply constraints, and hyperscaler capital expenditures. |
11/30/2026 | Marvell Earnings Report Watch: Peer Marvell Technology (MRVL) scheduled to report earnings. |
In Q4 | Meta MTIA Shipments Watch: Production shipments of custom MTIA accelerator for Meta are expected. |
12/9/2026 | Guidance Disappointment Risk Watch: Q1 2027 revenue and margin guidance relative to elevated market expectations for AI growth. |
12/9/2026 | AI Margin Compression Watch: Actual reported Q4 gross and operating margins, and the margin outlook for Q1 2027. |
12/9/2026 | Broadcom Q4 Earnings Watch: Company scheduled to report Q4 and fiscal year 2026 earnings. |
within one year | Short-Term Debt Maturity Watch: Short-term debt of $2.3 billion is due. |
No set date | AI Customer Financing Scrutiny Watch: News regarding the financial health, funding rounds, or operational stability of key AI lab customers like Anthropic and OpenAI. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-02 | Q3 Earnings and Guidance Details: The company reported Q3 revenue of $29.6 billion, up 86% YoY, and guided Q4 revenue to $34.8 billion, which a press report noted was below analyst expectations. | -3.4% $369.01 -> $356.51 |
2026-08-26 | Bullish Peer AI Report Details: Peer NVIDIA reported total revenue of $96 billion, more than doubling year-over-year, and guided for 70% growth in fiscal 2028, signaling strong continued AI infrastructure demand. | +4.1% $356.09 -> $370.86 |
2026-07-08 | Expanded Apple Chip Deal Details: A press report noted an expanded multiyear chip agreement with Apple, causing the stock to outperform the semiconductor sector on that day. | +8.2% $370.11 -> $400.38 |
2026-06-03 | Negative Q2 Earnings Reaction Details: The stock experienced a -13.0% two-day reaction around the earnings call, a significant negative response from the market. | -13.0% $479.94 -> $417.49 |
2026-06-03 | Anthropic Compute Agreement Details: In April, the company entered an agreement to enable customer Anthropic to access another 5 gigawatts of next-generation TPU-based compute beginning in 2027. | -13.0% $479.94 -> $417.49 |
2026-05-19 | LSEG Partnership Renewal Details: The company announced a renewal of its technology partnership with LSEG, centered on VMware, with a new five-year agreement. | -0.7% $419.28 -> $416.34 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: AVGO trades at roughly 36% annualized options-implied volatility versus about 11% for the S&P 500 (3.3x the market), around the 2nd percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
NVDA - NVIDIA
Full-Stack AI PlatformNVIDIA offers a general-purpose, full-stack AI platform with a powerful software moat via its CUDA ecosystem, providing broader exposure to the entire AI market beyond a few custom silicon clients.
MRVL - Marvell Technology
Diversified Custom SiliconMarvell provides exposure to the custom silicon trend across a more diversified set of end-markets, including data center, carrier infrastructure, and automotive, potentially offering a less concentrated risk profile.
A custom silicon powerhouse for the AI era, co-designing the core compute and networking for the world's largest AI model developers, complemented by a high-margin, cash-cow infrastructure software business.
Broadcom's core strategy is to partner with a handful of the largest AI players (Google, Anthropic, OpenAI, Meta) to build custom, high-performance AI accelerators (XPUs) and networking hardware. This allows it to capture a massive share of AI infrastructure spend by delivering solutions optimized for specific workloads, which outperform and undercut general-purpose GPUs on cost. This hyper-growth semiconductor business is paired with a stable, high-margin infrastructure software portfolio (from VMware, CA, Symantec acquisitions) that generates significant, predictable cash flow.
Announcements of new or expanded XPU partnerships with major AI labs; evidence of XPU performance surpassing next-gen GPUs; continued strong growth in AI networking revenue; stable or growing ARR in the software segment.
The loss of a key XPU customer to a competitor or a successful in-house chip (COT); evidence of next-gen GPUs closing the performance/cost gap with XPUs; a significant slowdown in AI infrastructure buildout; erosion of VMware's position in private cloud.
Quarterly fluctuations in the non-AI semiconductor business; short-term stock price reactions to gross margin compression as long as operating margin remains strong.
Repricing Catalyst
The company's multi-year visibility and explicit guidance for AI revenue to double in fiscal 2027 to approximately $115 billion and double again in fiscal 2028 to $230 billion, a trajectory far exceeding prior expectations.
Semiconductor solutions
$36.9B TTM (58% of Total)What It Is
Sells a broad portfolio of semiconductor solutions, including custom AI accelerators (XPUs), Ethernet switching and routing silicon, optical components, and wireless connectivity chips. Key customers are hyperscalers, AI frontier model companies, and original equipment manufacturers (OEMs).
Who Pays & How
Hyperscalers and leading AI labs (such as Google, Anthropic, OpenAI, and Meta) pay for custom-designed silicon to achieve superior performance, cost, and power efficiency for their specific AI workloads, which they believe outperforms general-purpose GPUs.
Competition
Infrastructure software
$27.0B TTM (42% of Total)What It Is
Sells a portfolio of software for private cloud (VMware Cloud Foundation), mainframe, cybersecurity, and Fibre Channel SAN management to large enterprises, including most of the Fortune 500, and government agencies.
Who Pays & How
Large enterprises and government agencies pay to modernize, optimize, and secure their complex IT environments, run mission-critical workloads, and repatriate applications from public clouds to gain greater control and improve infrastructure economics.
Competition
Broadcom — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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