Semiconductors
Broadcom’s AI Revenue Surge Continues: FQ3 Earnings Preview
Broadcom will release its Q3 FY2024 results after market close today. Investors will be closely watching the AI revenue updates for the ASIC market leader. Broadcom has the potential to grab the attention after Nvidia due to the company’s unique position in the AI Infrastructure space. Recently Citi Analyst also highlighted that the company is catching up on Nvidia as the top holding as it adds more AI customers and accretion from VMware. In addition, it could benefit from investor fatigue with Nvidia. The main highlight in the last earnings call was the AI revenue FY2024 guide increase from over $10 billion to over $11 billion. The company beat the top-line and bottom-line estimates and also raised the full-year revenue guidance to $51 billion from the earlier $50 billion. Analysts believe the guide was conservative due to the company ramping up new ASIC customers, the potential bottoming of non-AI networking markets, and VMware integration progressing well.
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