Hock Tan Reaffirmed Broadcom's $100 Billion AI Forecast. Six Customers Carry Nearly All of It.

Broadcom's AI semiconductor revenue rose 143% year over year to $10.8 billion in its fiscal second quarter.

CEO Hock Tan reiterated that fiscal 2027 AI semiconductor revenue should be "in excess of $100 billion."

Six core custom-chip customers, with Google, Meta, Anthropic, and OpenAI among them, drive that revenue.

When Broadcom (NASDAQ: AVGO) reported fiscal second-quarter results in early June, CEO Hock Tan repeated the biggest number in the company's story. Broadcom, he told analysts on the earnings call still expects fiscal 2027 AI semiconductor revenue "in excess of $100 billion." For perspective, the company's total revenue over the past 12 months (enterprise software included) was about $75 billion.

The growth behind that target isn't in doubt. Artificial intelligence (AI) semiconductor revenue reached $10.8 billion in the fiscal second quarter of 2026 (the period ended May 3, 2026), up 143% year over year.

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What's less settled is who all that money comes from. Tan says six core custom-chip customers drive the business, and to me, that customer count is the number worth studying before paying today's price for the stock.

Broadcom's fiscal Q2 was a record almost everywhere you look. Total revenue rose 48% year over year to $22.2 billion. Semiconductor solutions revenue climbed 79% to $15.0 billion, while infrastructure software revenue grew 9% to $7.2 billion. And free cash flow came in at $10.3 billion, or 46% of revenue.