Companies/Technology/Semiconductors

Broadcom

AVGO · NasdaqEarnings Dec 10 (est.)Palo Alto, California33.0K employeesWebsite ↗
358.40▲ 1.30%Pooled price · full market data →

What matters nowUpdated 7 h ago

  • The latest development is a Wall Street Journal report on October 7 that Broadcom is working to arrange more than $50 billion of financing tied to custom AI chips it is building with OpenAI, with Apollo and Blackstone among the lenders approached; the talks are early, the size could change, and neither company has commented 1. Broadcom also said on October 8 that it will show its Tomahawk 6, Jericho 4 and co-packaged optics products at the OCP Global Summit in San Jose from October 12 to 15 2.
  • AVGO fell 3.9% to $362.48 on October 8 in a semiconductor and AI-infrastructure selloff in which Intel fell 5.8% and Oracle 5.4%, with no Broadcom-specific cause confirmed, and on October 12 the shares reversed from a $380 resistance zone toward $350 on reported Microsoft Maia 300 and Chinese DRAM news that is not confirmed company news 3. The pooled 24/7 venue price is $350.42, down 0.95% from the previous close of $353.79.
  • In fiscal Q3 2026 (ended August 2) revenue was $29.6 billion, up 86% year over year, with AI semiconductor revenue of $16.7 billion, up 221%, and management guided fiscal Q4 AI revenue to $21.7 billion; gross margin was 68.8% and operating margin 48.0%, and the stock trades at 44.7 times trailing earnings, 18.8 times sales and 39.3 times EV/EBITDA with a 2.36% free cash flow yield. Insiders sold 1.44 million shares worth about $533.7 million across nine sales over the last 180 days, two of them planned, against one 1,000-share buy worth about $0.37 million.
  • A Financial Times report on September 23 said China's State-owned Assets Supervision and Administration Commission has been surveying how much Broadcom networking gear sits in state-controlled data centers, with preliminary results suggesting Broadcom switches could make up nearly 90% of that equipment and possible informal guidance to scale back; the report is not a formal ban and Broadcom did not comment 4.
  • Next is fiscal Q4 2026 earnings, estimated for December 10, 2026 but not yet confirmed, with the September CPI release on October 14 at 12:30 UTC and PPI and retail sales on October 15, and Polymarket gives Broadcom a 0.1% chance of being the world's largest company by market cap on October 31, 2026.

Broadcom designs semiconductors for AI data centers, Ethernet networking, broadband and wireless, and sells infrastructure software, including VMware. Fiscal 2025 (ended November 2, 2025) revenue was $63.9 billion. Fiscal Q3 2026 (ended August 2, 2026) revenue was $29.6 billion, up 86% year over year, with AI semiconductor revenue of $16.7 billion.

How it makes money

Broadcom sells custom AI accelerators (XPUs) designed with large hyperscale and AI customers, Ethernet switch and networking chips, and broadband and wireless chips, mostly to a small group of large buyers. Its infrastructure software segment sells licences and subscriptions, including VMware products. In fiscal 2025 Semiconductor Solutions made up 57.7% of revenue and Infrastructure Software 42.3%. AI semiconductor revenue is now the main driver of quarterly results and of the guidance management gives one quarter ahead.

Last 12 monthsChart & venues →

298.47393.13487.78Chip stocks sink as AI slowdown calls hit Broadcom and Nvidia; semis gauge down 5.9%1Broadcom Q3 FY2026 revenue $29.6B; Q4 revenue outlook about $34.8B2AMD falls about 6.5% on June 5 as Broadcom's guidance cools AI chip hopes3Broadcom shares fall about 14% after AI guidance disappoints4Broadcom reports fiscal Q2 2026 results: revenue $22.19B, up 48% from a year earlier5The Information reports Anthropic commits $200 billion to Google Cloud and chips over five years6Broadcom and Meta extend MTIA custom AI chip deal, starting with 1 GW7Anthropic signs multi-gigawatt TPU compute deal with Google and Broadcom8Feb 10Apr 12Jun 12Aug 12Oct 12
Numbered dots: the stories that mattered. Click one.

Valuation & fundamentalsFull financials →

Market cap$1.71Tpooled price × shares
Enterprise value$1.75T+ net debt $35.44B
P/E (TTM)45.7×EPS $7.84
EV / EBITDA40.2×EBITDA $43.45B
P / Sales19.2×EV/Sales 19.6×
P / Book17.2×equity $99.69B
FCF yield2.3%FCF $39.40B
Shareholder yield1.2%div 0.71% · buyback 0.5%
Revenue (TTM)$89.10B48.7% YoY
Last quarter revenue85.5%growth YoY
EPS growth (TTM)100.0%last Q 215.3%
Gross margin68.8%operating 48.0%
Net margin—EBITDA 48.8%
ROE—on average equity
Cash$23.98Bdebt $59.42B
Shares out4.77Bdiluted 4.89B

TTM through 2026-08-02 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →

Biggest businessesAll products & projects →

scalingproduct line

AI semiconductors (custom XPUs)

AI semiconductor revenue reached $16.7 billion in fiscal Q3 2026, up 221% year over year. Management guided fiscal Q4 2026 AI revenue to $21.7 billion.

AI semiconductor revenue · Fiscal Q3 2026 (quarter ended August 2, 2026)
$16.7 billion +221% year over year, +54% quarter over quarter
AI semiconductor revenue guidance · Fiscal Q4 2026 guidance (quarter ends November 1, 2026)
$21.7 billion +236% year over year
AI semiconductor revenue · Fiscal Q2 2026 (quarter ended May 3, 2026)
$10.8 billion +143% year over year

Next: Fiscal Q4 2026 results (expected December 2026) · 2026-12-01

launchedproduct line

AI networking and Ethernet switching (Tomahawk, Jericho, Thor Ultra)

Tomahawk 6 switch series is shipping with 102.4 Tbps of switching capacity in one chip. Jericho4 router shipping since August 2025. Thor Ultra 800G AI NIC announced in October 2025.

Tomahawk 6 switching capacity · Launch, June 3, 2025
102.4 Tbps per chip
Jericho4 maximum XPUs interconnected · Shipping announcement, August 4, 2025
More than 1 million XPUs across multiple data centers
scalingplatform

VMware Cloud Foundation (VMware and private cloud)

Infrastructure Software revenue was $8.75 billion in fiscal Q3 2026, up 29% year over year, after $7.18 billion and up 9% in fiscal Q2 2026. The 10-Q for that quarter says the increase came mainly from strong demand for VMware Cloud Foundation (VCF). VCF 9.1 was announced May 5, 2026.

Infrastructure Software revenue · Fiscal Q3 2026 (quarter ended August 2, 2026)
$8.75 billion +29% year over year; 30% of total revenue
Infrastructure Software revenue · Fiscal Q2 2026 (quarter ended May 3, 2026)
$7.18 billion +9% year over year; 32% of total revenue
Infrastructure Software revenue · Fiscal 2025 (ended November 2, 2025)
$27.0 billion +26% year over year (from $21.5 billion in fiscal 2024)

Next: Fiscal Q4 2026 results (expected December 2026) · 2026-12-01

launchedproduct line

Broadband and wireless chips

Broadband and wireless chips are part of Semiconductor Solutions. Broadcom does not report them as a separate line, so there is no separate revenue figure. On April 30, 2026 it launched a 10G PON gateway SoC and Wi-Fi 8 radios for mass-market broadband.

Latest newsAll news →

Broadcom shares slip from $380 toward $350 on Microsoft chip and China reports

Broadcom shares reversed from a $380 resistance zone and moved toward $350 on October 12, 2026, trading around $357 at the time of the FX Leaders report.

Markets

Broadcom to show Tomahawk 6, Jericho 4 and co-packaged optics at OCP Global Summit

Broadcom said on October 8, 2026 that it will show its AI networking portfolio at the OCP Global Summit, running October 12 to 15, 2026, in San Jose.

Product

WSJ reports Broadcom is arranging over $50 billion of financing for OpenAI custom chips

The Wall Street Journal reported on October 7, 2026 that Broadcom is working to arrange more than $50 billion of financing tied to custom AI chips it is building with OpenAI, under OpenAI's Nexus program.

Deal

Marvell stock rises about 6% on investor day targets, outpacing Broadcom

Marvell shares rose about 6% on Tuesday, October 6, the day of its Investor Day, while rival Broadcom rose about 4%.

News

China's SASAC reportedly reviews Broadcom switch use in state-backed data centers

The Financial Times reported on September 23, 2026 that China's State-owned Assets Supervision and Administration Commission has been surveying how much Broadcom networking gear is installed in state-controlled data centers.

Regulation

Chip stocks sink as AI slowdown calls hit Broadcom and Nvidia; semis gauge down 5.9%

On September 14, 2026 a rout in large chip stocks, including Nvidia and Broadcom, pushed a semiconductor gauge down 5.9%.

News