Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test

Semiconductor giant Broadcom NASDAQ: AVGO has become one of the top breadwinners in custom silicon, positioning itself as NVIDIA’s NASDAQ: NVDA key competitor in AI chips. However, Broadcom’s XPU customer base is undergoing a very significant shift. Alphabet NASDAQ: GOOGL has long been Broadcom’s largest XPU customer, but if all goes according to plan, that will not be the case in 2027. Broadcom has explicitly said that Anthropic is on track to become its largest customer next year and sustain that position in 2028.

However, Anthropic has a problem that Alphabet does not; it is just now starting to generate profits. This raises questions about the company’s ability to actually pay Broadcom when the bill…