Overview
- Broadcom reported $6.5 billion in Q4 AI semiconductor revenue, up 76% year over year and 25% sequentially.
- Management said the AI order backlog stands at about $73 billion scheduled to ship over the next 18 months.
- The company disclosed $21 billion in recent orders from Anthropic and a separate $1 billion supply deal with OpenAI through late 2026.
- CFO Kirsten Spears said consolidated gross margin is likely to decline roughly 100 basis points sequentially in Q1 due to a higher mix of lower-margin AI systems.
- Analysts highlighted revenue concentration among a small set of AI customers as a key risk even as Benchmark raised its price target to $485 and reiterated Buy.