[UPDATE] Broadcom: valuation reset without a business reset, AI semis +221% y/y, stock off ~14% in a month
Broadcom's Q3 delivered $29.59B revenue (up 85.5% y/y) with AI semiconductor revenue of $16.7B (up 221% y/y, 54% sequentially), yet the shares fell roughly 14% over the past month while Nvidia held, a multiple reset rather than a business one; Hock Tan guides AI semis toward ~$230B by 2028 and Citi flagged the week's chip pullback as a buying opportunity. Broadcom's custom-XPU customer list (Alphabet, Meta, OpenAI, Anthropic) ties it to every hyperscaler's capex plan. The desk tracks AVGO as the custom-silicon read-through under the same demand spine that supports NVDA.