Broadcom

Broadcom makes two kinds of products. The first is semiconductors. This includes custom AI chips, networking chips, and storage chips. The second is infrastructure software.

This includes VMware, which Broadcom bought in 2023. Broadcom sells its AI chips to large technology companies. These companies use the chips to build AI data centers.

Most of Broadcom's value depends on its AI chip business, which is still new. The market doubts this business will grow to the scale management has guided. Anthropic, which Broadcom expects to become its largest AI chip customer in 2027, pays for its chips with leases. Banks and investment firms fund these leases, and Broadcom partly backs them.

Reports say that OpenAI is in talks about a similar plan. This makes part of the demand look less certain than demand paid from a customer's own cash. For the gap to close, Broadcom must show each quarter that its FY2027 AI chip revenue target is on track. Anthropic must also grow its capacity as planned, from 1 gigawatt of Broadcom chips in 2026 to about 5 gigawatts in 2027, and the lenders must complete the financing for these chips.

Broadcom's fiscal Q4 2026 earnings report, expected in December 2026, is the next checkpoint on this target. If the ramp stays on pace, the gap can close over the next three to five quarters. If a large customer slows spending, or the financing stops, the gap could last longer.

1. Dec 10, 2026 · est.Pending

   Q4 FY2026 results: AI revenue and FY2027 targetAI chip revenue near the guided $21.7 billion and a confirmed FY2027 AI target of about $115 billion pass; a miss or a lower FY2027 target fails.
2. Mar 2027 · est.Pending

   Q1 FY2027 results: start of the 2027 AI rampAI revenue that grows from Q4 and keeps the FY2027 path to about $115 billion passes; flat AI revenue or a customer delay fails.
3. 2027 · est.Pending

   Anthropic TPU deployment grows to about 5 gigawattsDeployments on schedule, lease payments made and no draw on the backstop or convertible notes beyond plan pass; a delay or a lease default fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Broadcom said in an 8-K that financial partners took on part of its agreements to buy AI racks built on its custom AI chips, and the related leases to its customer. Broadcom gives residual value support to a new special purpose vehicle. If the customer does not pay, Broadcom pays the difference between 72.5% of the amount owed on the lease and the sale value of the racks. Broadcom said that the maximum is about $43 billion when all racks are in use, and that it expects a payment to be unlikely.
• October 26, 2026Anthropic filed for its initial public offering. Its S-1 shows TPU equipment leases with Broadcom of about $161.2 billion.
• October 12, 2026Bloomberg reported that CEO Hock Tan said, at a DBS conference in Singapore, that access to capital, not chips or power, may become the biggest limit on AI growth. He also said that demand for computing still exceeds supply. No official transcript is public, so these words come only from press reports.

Last earnings

September 2, 2026 (8-K on sec.gov)

Next earnings

Expected about December 10, 2026. The company has not confirmed the date.

• 8-KNew debt or financial obligationFiled October 27, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Aug 2, 2026Filed September 10, 2026 · avgo-20260802
• 8-KEarnings release and Other company newsFiled September 2, 2026 · Press release and exhibits
• 8-KOther company newsFiled July 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 18, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 11, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended May 3, 2026Filed June 9, 2026 · avgo-20260503
• 8-KEarnings release and Other company newsFiled June 3, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 21, 2026 · avgo-20260420
• 8-KOther company newsFiled April 6, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1730168)

• Most of the intrinsic value depends on one forecast: AI revenue reaching $115 billion in FY2027. A slower ramp would lower the intrinsic value.
• A small number of customers buy most of the AI chips. Anthropic pays for its chips with leases that lenders fund and Broadcom partly backs, and OpenAI is in talks about a similar plan. This makes their spending less certain than spending from a customer's own cash flow.
• Broadcom can owe up to about $29 billion under its backstop of one customer's chip leases, up to about $43 billion under a second backstop of AI rack leases that it reported on October 26, 2026, and it can lend the first customer up to $42 billion. A problem at a large AI customer would hurt Broadcom as a supplier, as a guarantor and as a lender.
• Broadcom competes with Nvidia in AI chips. A shift in market share could change future revenue.

Broadcom carries debt mainly from its large purchases of software companies, most recently VMware. The balance sheet does not show two new exposures to one AI customer. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.8% (last 12 months, at today’s price of $345.22)

Paid per share

$2.60 in the last 12 months (4 payments)

Current annual rate

$2.60 ($0.65 × 4 a year)

Payout ratio

49% of the last fiscal year’s earnings (the year that ended November 2, 2025)

Latest ex-dividend date

September 21, 2026, $0.65 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 12.6% a year. From 2015 to 2025, the dividend grew by about 30.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.