Just saw Broadcom's latest earnings and it completely dismantles the whole "AI slowdown" narrative that's been floating around. People keep talking about AI being overhyped, but the numbers tell a very different story.

Broadcom just crushed expectations with $19.3 billion in revenue, up 29% year over year. But here's the really wild part — their AI revenue jumped 106% to $8.4 billion. That's 12 consecutive quarters of AI-driven growth. Their CEO Hock Tan didn't mince words either. He basically said they can see AI chip revenue alone hitting over $100 billion by 2027. To put that in perspective, their total revenue for all of 2025 was under $64 billion. The scale of this opportunity is insane.

Tan also revealed some interesting customer developments. OpenAI is now a customer, and their partnership with Anthropic is expanding from 1 gigawatt of TPU compute to 3 gigawatts next year. Meta's custom accelerator work with them is also "alive and well" despite some reports suggesting otherwise. For Q2, they're guiding for $22 billion in revenue (up 47% YoY) with AI semiconductor revenue expected to surge at multiples of 140 to $10.7 billion. That's not conservative guidance either — Broadcom typically underpromises.

What's interesting is how this validates what Nvidia's Jensen Huang has been saying. He mentioned that agentic AI has hit an inflection point and that adoption is moving downstream beyond the hyperscalers. Huang called out the diversity of customers now using their systems. Broadcom's results back this up perfectly.

Look, both Nvidia and Broadcom have delivered insane returns since early 2023 — 1,150% and 467% respectively. But based on these latest results, they're still positioned to grow massively. Nvidia controls 92% of the data center GPU market, and as AI adoption spreads, that demand isn't going away. Broadcom trades at 31x forward earnings while Nvidia is at 22x, and both are expected to grow revenue by 47% and 77% next quarter respectively. Those are pretty attractive multiples for companies with this kind of growth trajectory.

The market's uncertainty despite all this evidence is honestly wild. For anyone looking to position themselves in AI infrastructure, this seems like the moment to pay attention.