AVGO · Broadcom (AVGO)
Semiconductors & Semiconductor Equipment (custom AI ASIC / networking silicon) + Infrastructure Software
AVGO·Semiconductors & Semiconductor Equipment (custom AI ASIC / networking silicon) + Infrastructure Software
Broadcom (AVGO)

Broadcom (AVGO)

ConvictionStrong

Fabless semiconductor IP + co-design (custom XPUs sold to hyperscalers, merchant Ethernet switching/routing silicon) plus recurring infrastructure-software subscriptions (VMware/mainframe/security). Capital-light, outsources fabrication to TSMC; monetizes via per-unit chip sales, design wins, and software license/subscription revenue.

Revenuefact
$22.2B Q2 FY26+48% YoY (fact, quarter ended ~3 May 2026); FY25 full-year $63.9B, +24%
Rev growthfact
+48% YoYin Q2 FY26 ; guiding +84% YoY for Q3 FY26 to $29.4B (fact, mgmt guide
Gross margin
77.1% non-GAAP / 69.5% GAAPfact, Q2 FY26
Op margin
67.3% non-GAAP / 48.6% GAAPfact, Q2 FY26); adj. EBITDA ~69% of revenue
Capex intensity
~1.0% of revenuecapex $231M / rev $22.2B, Q2 FY26 — fact; capital-light fabless model
Market cap
~$1.87Tfact, as of 22 Jun 2026; sources vary $1.82-1.93T over early-mid June

Price · 1-year trend

real · weekly
$379+41% 1yUSD
52-week range
$269 – $447
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards

The thesis on this name

opportunityStrong

AI Compute Value-Chain

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position · longWeak

AI Compute Value-Chain

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book · long

AI Compute Value-Chain

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comp

Nvidia — single-name conviction

The custom-ASIC threat AND the comp: lower ASIC GM (~50-60s%) is the level toward which NVDA's erodible-inference pool reprices. Growing fa…

Full context
The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Broadcom (AVGO)

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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