By Trefis Team
Publication Date: 2026-06-11 00:36:00
The company’s AI growth is spectacular, but a closer look at its customer list reveals a multi-billion-dollar question mark investors should not ignore.
Broadcom (AVGO)’s AI business is putting up strong numbers. The company reported a record $10.8 billion in AI semiconductor revenue last quarter, a figure that management expects to accelerate to $16 billion in the next quarter. It’s the kind of growth that has powered the stock up 60.1% over the past year.
But beneath the headline figures lies a concentration of risk that is easy to miss. The engine of this growth is a small, select group of what the company calls its 6 core customers. While Broadcom has been increasingly open about its deep partnerships with giants like Google, Meta, Anthropic, and OpenAI, the story gets quieter when it comes to the other two. And that’s where investors should focus their attention.
A $6 Billion Blind Spot
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