AVGO ▲ +0.4% - Broadcom Inc. $AVGO Broadcom Earnings Call Summary: AI Demand Exceeds $350B FY27-FY28 Visibility as XPU and Networking Ramps Accelerate ? • Anthropic is expected to become Broadcom’s largest XPU customer in 2027, with ~5 GW of TPU v8 capacity planned for 2027 and visibility to an incremental ~10 GW in 2028. • OpenAI’s ~1.3 GW deployment remains on track for 2027, with >5 GW of Jalapeño and successor-generation capacity in sight for 2028. Broadcom is already developing second- and third-generation XPUs with OpenAI. • Google signed a new long-term agreement under which Broadcom plans to supply “multi-tens of billions of dollars” of TPUs annually over the coming years, while additional TPU generations for 2028/29 are already in development. • Broadcom has secured supply for roughly $115B of AI semiconductor revenue in FY27 and ~$230B in FY28, with Hock Tan pointing to ~$350B across the two years. Management said underlying customer demand is even higher, with supply and deployable data-center capacity currently limiting the outlook. • AI networking is expected to grow roughly as fast as XPUs over the next several years. Tomahawk 6 is already being used across essentially all AI hyperscalers building Broadcom XPUs and also by hyperscalers not using Broadcom XPUs, while Tomahawk Ultra is beginning its scale-up ramp. Broadcom rose 0.4% after reporting robust AI demand visibility, with the company securing roughly $115 billion in XPU-related revenue for fiscal 2027 and approximately $230 billion for fiscal 2028—totaling around $350 billion across both years. The earnings call highlighted major customer commitments from Anthropic, OpenAI, and Google, along with accelerating adoption of Broadcom's Tomahawk networking chips across AI hyperscalers, though management noted that underlying demand exceeds current supply and data-center deployment capacity. 02-SEP-2026 05:52 PM ET