Nasdaq · Custom AI ASIC · Networking & infra software

Broadcom

Co-designs and co-develops custom AI chips such as Google’s TPU, alongside networking chips and VMware software. AI-semiconductor revenue is surging (Q2 FY2026 $10.8B, +143%; total revenue $22.2B). FY2026 AI revenue guidance raised to $56B. Chips are fabbed at TSMC; HBM from SK hynix, Samsung and Micron.

AVGO Updated Jul 12, 2026 4 AI consumers· 4 recurring

Per the valuechain.wiki graph, Broadcom is directly linked to 19 companies (12 supply, 7 revenue relationships) and reaches 100 companies within two hops; the links are backed by 33 dated sources, 9 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+56.5%'22-13.3%'23+104.2%'24+110.5%'25+50.6%YTD+16%
Money in ▸OpenAI●guidance $56BAlphabet (Google)●Revenue ~$10.8BMeta Platforms●Arista Networks●Anthropic◐Apple◐이오플링크◐
BroadcomInfrastructure SW $27B
▸ Money outTSMC●SK hynix●Synopsys●Cadence Design Systems●Samsung Electronics◐Micron Technology◐Siemens EDA◐Samsung Electro-Mechanics◐United Microelectronics (UMC)◐Arm Holdings◐Keysight Technologies◐TOPPAN (FC-BGA package substrates)◐

Financials & Segments

  • Total revenue · Infrastructure SW $27B (FY2025) + semiconductors · latest quarter Q2 FY2026 revenue $22.19B (+47.9% YoY), Semiconductor solutions $15.0B (+78.5%)
  • Customer concentration · Largest distributor 42% (was 32%), top-5 end customers ~45% (was 40%), Infrastructure SW 32% of revenue; RPO ~$164.6B (Q2 FY2026)
  • Segments · Semiconductor Solutions · Infrastructure Software($27B)

Revenue from

  • OpenAI High confidence· guidance $56B · FY2026 · FY2026 AI-semiconductor revenue guidance $56B (raised); Q2 AI-semi $10.8B (+143%), custom accelerators (OpenAI Nexus, etc.)
    Co-designs and supplies OpenAI custom AI accelerators (Nexus 10GW).
    Confirms EN SEC EDGAR Published Jun 3, 2026: Broadcom Q2 FY2026 results (quarter ended May 3, 2026)
    Confirms EN DCD Published May 1, 2026: OpenAI–Broadcom custom-chip project (Nexus) financing
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
  • Alphabet (Google) High confidence· Revenue ~$10.8B · FY26 Q2 · AI-semi quarterly revenue (Google is the largest share)
    Largest custom AI chip customer, co-designing the TPU (made by TSMC).
    Confirms EN SEC EDGAR Published Jun 3, 2026: Broadcom Q2 FY2026 results (quarter ended May 3, 2026)
    Confirms KO Seoul Economic Daily Published Mar 6, 2026: Broadcom results: AI revenue surges, opening a door for Samsung HBM
    Confirms KO ZDNet Korea Published Nov 25, 2025: Google opens its AI chip externally, accelerating 'beyond NVIDIA' with Meta and Anthropic
  • Meta Platforms High confidence
    Adopts Google's TPU and develops its own AI chips with Broadcom.
    Confirms KO Korea Economic Daily Published Nov 25, 2025: Meta also invests in Google's Tensor chip; can it rival the GPU?
  • Arista Networks High confidence
    Supplies switch silicon (Tomahawk/Jericho) to Arista Networks.
    Confirms KO ITWorld Published Aug 1, 2025: Meta builds high-speed Ethernet AI clusters with Arista
    Confirms EN SEC EDGAR Published Feb 18, 2025: Arista Networks Form 10-K
    Confirms EN Arista Published Feb 18, 2025: Arista Q4 and full-year 2024 results ($7B)
  • Anthropic Medium confidence
    Supports Anthropic custom compute via TPU design.
    Confirms EN SEC EDGAR Published Jun 9, 2026: Broadcom Form 10-Q (Q2 FY2026)
    Confirms EN Anthropic Published Apr 21, 2026: Anthropic expands Google/Broadcom partnership for multi-GW compute
    Mentions KO ZDNet Korea Published Nov 25, 2025: Google opens its AI chip externally, accelerating 'beyond NVIDIA' with Meta and Anthropic
  • Apple Medium confidence
    Supplies wireless and RF parts; Apple is one of Broadcom's largest customers.
    Mentions EN SEC EDGAR Published Dec 18, 2025: Broadcom Form 10-K (FY2025, 2025-11-02)
  • 이오플링크 Medium confidence
    DSP procurement for 800G/1.6T modules: a Broadcom-Marvell duopoly where Broadcom is the de facto standard in NVIDIA's chain; IR confirms latest 3nm DSPs in 1.6T products.
    Confirms EN Photon Capital Published Apr 18, 2026: Five companies dominate the EML market
    Confirms ZH CNINFO (SZSE disclosure) Published Sep 13, 2025: Eoptolink IR Activity Record (No. 2025-006)

Pays to

  • TSMC High confidence
    Wafer foundry for TPU and custom AI chips; most front-end is outsourced.
    Confirms EN SEC EDGAR Published Dec 18, 2025: Broadcom Form 10-K (FY2025, 2025-11-02)
    Confirms KO Digital Daily Published Dec 1, 2025: Why Samsung smiles as Google's TPU becomes an NVIDIA rival
  • SK hynix High confidence
    Buys HBM at large scale for custom AI accelerators.
    Confirms KO ZDNet Korea Published Mar 5, 2026: Broadcom confident in AI chip growth, driving Samsung/SK memory demand
    Confirms KO TheElec Published May 20, 2025: SK hynix supplies HBM to Broadcom at large scale
  • Synopsys High confidence
    Uses/buys EDA tools and IP from Synopsys.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger
    Confirms EN SEC EDGAR Published Dec 18, 2024: Synopsys Form 10-K
  • Cadence Design Systems High confidence
    Uses/buys EDA tools and IP from Cadence Design Systems.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth
    Confirms EN SEC EDGAR Published Feb 24, 2025: Cadence Form 10-K
  • Samsung Electronics Medium confidence
    HBM supplier for AI accelerators.
    Confirms KO Seoul Economic Daily Published Mar 6, 2026: Broadcom results: AI revenue surges, opening a door for Samsung HBM
  • Micron Technology Medium confidence
    HBM supplier for AI accelerators.
    Mentions KO ZDNet Korea Published Mar 5, 2026: Broadcom confident in AI chip growth, driving Samsung/SK memory demand
  • Siemens EDA Medium confidence
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms KO Wikipedia Published Jan 1, 2026: Mentor Graphics (Siemens EDA)
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
  • Samsung Electro-Mechanics Medium confidence
    Sources advanced AI-accelerator FC-BGA from Samsung Electro-Mechanics from 2H 2026.
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
  • United Microelectronics (UMC) Medium confidence
    Fabricates some communications/specialty chips at UMC mature nodes.
    Mentions EN SMBOM Accessed Jun 20, 2026: UMC wins Qualcomm packaging deal, advances foundry tech
  • Arm Holdings Medium confidence
    Uses/buys CPU-architecture IP (license and royalty) from Arm Holdings.
    Confirms KO Economy6 Published Jan 15, 2026: Arm Holdings results and the NVIDIA relationship
    Confirms EN Arm IR Published Jul 1, 2024: Arm Annual Report FY2024
    Confirms EN SEC EDGAR Published May 22, 2024: Arm Holdings Form 20-F
  • Keysight Technologies Medium confidence
    Uses Keysight test to validate 800G Ethernet silicon.
    Confirms EN Converge Digest Published Jan 1, 2025: Keysight and Broadcom validate 800G Ultra Ethernet
  • TOPPAN (FC-BGA package substrates) Medium confidence
    Co-produces FC-BGA substrates for AI/networking chips with Toppan — a new Singapore plant secures upstream supply of advanced package substrates.
    Confirms JA TOPPAN Holdings (TDnet financial results) Published May 14, 2026: TOPPAN Holdings FY ended Mar 2026 Financial Results (Japanese GAAP)
    Confirms EN TOPPAN Published Jun 1, 2025: TOPPAN FC-BGA semiconductor package substrates (HPC/AI)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Planet Labslead2·-29.3-43.2+63.6+388.1+32.1
NVIDIAlead2+125.5-50.3+239+171.2+38.9+13.3
Costco Wholesalelead2+51.8-19+49+39.6-5.4+6.6
Procter & Gamblelead2+20.5-5-0.9+17.3-12.3+4.1
MercadoLibre, Inc.lead2-19.5-37.2+85.7+8.2+18.5-8
Uberlead2-17.8-41+149-2+35.5-8.8
McDonald'slead2+27.8+0.5+15.1+0.1+7.9-9
LVMH Moet Hennessy Louis Vuittonlead2+46.6+12.7-1.8-7.3-20.4-9
Recursion Pharmaceuticalslead2·-55+27.9-31.4-39.5-13
Microsoftlead2+52.5-28+58.2+12.9+15.6-20
Shopifylead2+21.7-74.8+124.4+36.5+51.4-23.9
Eoptolinklead1-10.1-27.7+136.6+197+368.8+74.9
Arista Networkslead1+97.9-15.6+94.1+87.7+18.5+42.7
Applelead1+34.6-26.4+49+30.7+9.1+16.2
Alphabet (Google)lead1+65.3-39.1+58.3+36+66+14.3
Meta Platformslead1+23.1-64.2+194.1+66+13.1+1.6
Broadcomnode+56.5-13.3+104.2+110.5+50.6+16
Micron Technologybenef1+24.2-45.9+71.9-1+240.2+243.3
SK hynixbenef1-0.4-25.6+53.9+48.6+361.1+140.3
Samsung Electronicsbenef1-9-14.2+20.9-26.4+212.9+77.9
Keysight Technologiesbenef1+56.3-17.2-7+1+26.5+58.5
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+43.6
Toppan Printingbenef1+49.3-2.1+99.1+8.1+10.7+9.9
Samsung Electro-Mechanicsbenef2-11.8-18.5-1.4-2.5+110+467.7
Jusung Engineeringbenef2+127.9-42.6+173.3-3.1+30.7+364.1
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+225.8
PSK Incbenef2+22.7-19.6+14.2-2.6+228.2+208
LG Innotekbenef2+78.2-22-28.8-22.1+66.8+204.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+171.6
ACM Researchbenef2+4.9-72.9+153.4-22.7+161.3+161.1
Cohubenef2-0.2-15.9+10.4-24.6-12.8+141.4
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+135
MediaTekbenef2+27.8-26.6+52.9+58.3+24.9+124.3
Arterisbenef2·-79.6+37+73+52.1+124.3
FormFactorbenef2+6.3-51.4+87.6+5.5+26.8+110.7
KC Techbenef2-24.2-6.1+57.9+5.9+56.7+108.1
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+105
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+103.6
Simmtechbenef2+119.6-34.6+12.4-63.3+392.9+94.9
Daeduck Electronicsbenef2+64.2-0.3+13.3-22.7+250.2+92.1
KLAbenef2+68-11.2+56+9.4+94.5+91
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+85.9
ASMPTbenef2-29-12.4+21.8-4.8+47.6+82
Resonacbenef2-2.6-4+37.5+30.3+137.9+80.4
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+78.2
Qnity Electronicsbenef2·····+76.3
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+72.8
Kokusai Electricbenef2···-35.4+165.3+70
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+68.6
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+66.4
Foosungbenef2+59.9-33.5-34.5-39.1+67.4+62.2
BESIbenef2+33.7-6.1+121.8-9.3+35+56.2
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+54.6
Eugene Technologybenef2+28.1-45.1+64.1-12.6+202.5+49.5
Montage Technologybenef2-18.2-21.8-18+51.4+169+47.4
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+44
Samsung E&Abenef2+74.5+20-13.7-15.9+76.7+43.2
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+42.9
Camtekbenef2+110.1-52.3+215.9+18.3+31.7+35.2
Ebarabenef2+58.1+2.3+76.1+41+84+32.3
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+28.8
Powertech Technology (PTI)benef2+4.8-7.5+86-16+128.6+26
Lindebenef2+33.4-4.4+27.7+3.2+3.2+25.1
Air Products and Chemicalsbenef2+13.8+3.9-9+8.1-12.7+23.7
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4+22.9
Lasertecbenef2+78.9+2.4+57-60.6+138.9+22.4
Advantestbenef2+17-2.3+155.7+49.5+196+17.1
Sumitomo Chemicalbenef2+19.6-9.1-27.7-2.2+43.9+16
Nepesbenef2-29.5-44+6.7-62.7+179.2+15.1
AGCbenef2+50-4.7+21.5-15.8+32.7+14.4
Merck KGaA (EMD)benef2+42.2-0.4-19.1-2.5-12.7+13.5
Air Liquidebenef2+14.1+7.9+20.9+8.5-4.8+12.5
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6+10.2
Wonik IPSbenef2-19.7-19.8-0.2-25.5+408.8+9.3
Hanmi Semiconductorbenef2+98.5-21.7+313.1+93.7+87.9+5.5
Hana Micronbenef2+109-41+143.5-52.4+269.3+5.3
Qorvobenef2-5.9-42+24.2-37.9+20.8+1.5
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+0.7
ISCbenef2+43.2+14.2+116.5-11.9+126.8+0.3
HPSPbenef2··+216.5-30.4+54.7-4.5
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-5.2
LG Displaybenef2-6.8-30.9-8.5-20.6+26.2-5.7
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-6.6
Park Systemsbenef2+25.1+1.6+41.6+37.3+28.9-11.2
Dongjin Semichembenef2+28.1-13.7+16.1-42.8+160.1-15.8
Uni Testbenef2+23.4-57.8+11.3-1.6+6.8-24.8
ENF Technologybenef2-32.9-23.6+1.3-16.1+204.6-28.4
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-30.3
SFA Semiconbenef2-5.8-34.1+48.7-48.7+139.8-31.8
Soulbrainbenef2-8.2-3.9+16.6-37.6+192.8-35.9
S&S Techbenef2-17.3-5+45.8-31.2+210.8-47.5

YTD as of 2026-07-10 · source: Yahoo Finance

Broadcom's thesis is being the custom-AI-chip partner holding the alternative axis to NVIDIA's general-purpose GPUs. As the largest partner co-designing hyperscaler custom accelerators (e.g., Google TPU), its AI semiconductors surged to $10.8B (+143%) in FY26 Q2 and it raised FY2026 AI revenue guidance to $56B. Layered on top, VMware infrastructure software ($27B) provides recurring revenue that buffers the semiconductor cycle — a dual engine that is the core. Risks are custom-ASIC concentration in Google and VMware integration/pricing controversy. Graph propagation: TSMC foundry and the three HBM makers (SK, Samsung, Micron) are upstream, while Google, Meta and other hyperscalers are custom-chip demand.

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target $559 · Price $400.4 (07-11) · Upside +40%

BrokerRatingTargetPublished
JPMorgan · Harlan SurOverweight$580Jun 29, 2026Report ↗
Mizuho · Vijay RakeshOutperform$530Jun 4, 2026Report ↗
Jefferies · Blayne CurtisBuy$550Jun 4, 2026Report ↗
KeyBanc · John VinhOverweight$575Jun 4, 2026Report ↗

Reiterated $580 target and Overweight; a March five-year deal locks the TPU design-win roadmap across four generations through v11, securing growth to 2031.

Analyses covering this node

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