5 March 2026
If you are covering Broadcom’s latest results, please see the following comment from Ben Barringer, head of technology research at Quilter Cheviot:
“Broadcom delivered a solid set of results, with revenues rising 29%. This performance was driven primarily by its AI semiconductor segment, which surged 106%. In contrast, its non-AI semiconductors were broadly flat, and software saw growth of just 1%.
“AI chips and networking remain key strengths for Broadcom, and its customer base has expanded considerably. Alongside its longstanding arrangement with Google, it has added the likes of Meta, Anthropic, Open AI and a further two undisclosed companies to its books.
“The company continues to benefit from growing AI inference. As model usage increases, so too does demand for its chips. Management is guiding for further acceleration in the next quarter, with expected revenue growth of 47%, 8% ahead of consensus.
“Broadcom remains a high-quality business delivering strong results. However, its valuation is higher than peers such as TSMC and AMD.”
