Broadcom: Strong Q1 And Q2 Guide

Broadcom reported a strong Q1, with revenue topping estimates by $330 million as management noted that AI revenue rose 77% YoY in the quarter. AI revenue reached $4.1 billion this quarter, beating previous guidance of $3.8 billion. The beat was driven by strength in networking with management mentioning last quarter that custom silicon would see stronger growth in H2. It was also stated networking was 40% of AI revenue while it’s typically 30% of AI revenue (confirming the higher product mix this quarter).