Broadcom (AVGO)

Outperform Recap: Q2 FY26

Record Everything and $30B of AI Bookings — But the Stock Falls 13% Because $16B Wasn't $17B: Maintaining Outperform as the Priced-for-Perfection Reset Improves the Entry

Outperform Recap: Q1 FY26

Sixth XPU Customer (OpenAI in Volume 2027), AI Semis +106% to $8.4B, Q2 FY26 Guide $22B with AI Semis +140%, Line of Sight to AI Chip Revenue >$100B in 2027 — Maintaining Outperform

Outperform Recap: Q4 FY25

Fifth XPU Customer Fires, Q1 FY26 AI Semis to Double YoY, $73B AI Backlog Inside $162B Consolidated: The Q3 Upgrade-Extension Trigger Has Fired — Maintaining Outperform

Outperform Recap: Q3 FY25

Fourth XPU Customer With $10B+ in Orders, FY26 AI Growth Re-Rated Higher, $110B Consolidated Backlog: The Q2 Hold-Gating Concerns Have Been Retired — Upgrading to Outperform

Hold Recap: Q2 FY25

Initiating Coverage at Hold: A Record Print With AI Semis +46% and a FY26 Growth Rate Now Tied to Inference, But a Full Multiple and Concentrated XPU Customer Base Keep Us Patient