Overview

• Bernstein reiterated an Outperform rating with a $400 target after a virtual meeting where the firm said Broadcom’s leaders described compute demand as very strong and expressed confidence in a $90 billion 2030 revenue goal.
• Bernstein’s note relayed that CEO Hock Tan reiterated an expectation of $10 billion in OpenAI-related revenue in fiscal 3Q26, characterized as management commentary reported by the analyst rather than confirmed bookings.
• KeyBanc kept an Overweight rating and raised its price target to $420, sharply increasing its 2026 CoWoS supply forecast to 190,000 units and asserting Broadcom retains Google TPU supply through 2026 due to a reported MediaTek delay.
• Broadcom’s latest reported quarter delivered record revenue of $15.9 billion, including $5.2 billion in AI-related sales that rose 63% year over year, underscoring the company’s pivot to custom accelerators and networking for data centers.
• Investor sentiment remains supportive, with Broadcom shares up about 90% over the past year and market commentators such as Jim Cramer saying the stock is still a buy as AI demand appears broad enough to support multiple suppliers.