Broadcom just posted the kind of quarter that makes you double-check the decimal points. The company’s fiscal Q3 2026 results showed AI semiconductor revenue of $16.7 billion, a 221% increase year-over-year. That single line item now drives the majority of growth within Broadcom’s semiconductor solutions segment.
Total quarterly revenue came in at $29.59 billion, up 86% from the same period last year.
The guidance that keeps getting revised upward
CEO Hock Tan raised the company’s full-year fiscal 2026 AI revenue guidance to roughly $58 billion, up from a prior forecast of $56 billion. That revised number represents 186% growth year-over-year. For Q4 of fiscal 2026 alone, the company is guiding for $21.7 billion in AI revenue, which would mark a 236% jump compared to the year-ago quarter.
Tan disclosed during the earnings call that Broadcom has secured enough supply to support approximately $115 billion in AI semiconductor revenues for fiscal 2027, revising an earlier target of more than $100 billion. He went further, noting that demand is already outpacing even that elevated projection, with strong visibility into potentially doubling the figure to $230 billion for fiscal 2028.
Who’s buying all these chips
The demand surge is coming from exactly where you’d expect: hyperscale cloud operators racing to build out AI infrastructure. Broadcom’s key customers include Anthropic, Google, OpenAI, and Meta, essentially the companies defining the current AI arms race.
Anthropic is expected to become Broadcom’s largest XPU customer, with multi-gigawatt TPU deployment plans beginning in 2027. Google is locked into multi-year agreements covering both TPU and networking solutions. Meta’s custom MTIA accelerators are projected to reach 3 gigawatts of deployment across multiple chip generations by 2028.
The common thread here is custom AI accelerators, or XPUs, alongside AI networking hardware. Broadcom isn’t just selling commodity chips. It’s building bespoke silicon for the companies that are spending the most aggressively on AI compute.
What this means for the broader AI hardware landscape
The company is now ramping shipments across multiple generations of chips simultaneously. Broadcom’s custom XPU wins at Anthropic, Google, and Meta represent workloads that might otherwise have gone to Nvidia’s GPU clusters.
The raised fiscal 2027 supply commitment of $115 billion also implies massive upstream capital expenditure across the semiconductor supply chain. Foundry partners, packaging houses, and substrate suppliers all stand to benefit from Broadcom’s production ramp.
One risk worth watching: Broadcom’s own language about demand outpacing supply suggests the company could leave revenue on the table if it can’t secure additional manufacturing capacity.