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Shares in AI bellwether Broadcom fell almost 5% in pre-market trading on Friday, after the company forecast first quarter revenue ahead of Wall Street expectations but warned that margins would come under pressure from a higher mix of AI-related sales.

The company has moved aggressively into the AI chip market, prompting investor questions over the profitability and capital intensity of the shift. Broadcom has a $73bn (£55bn) backlog that it expects to ship over the next 18 months, chief executive Hock Tan told analysts on a post earnings call, though an executive cautioned that profit margins could decline.

The company reported fourth quarter earnings and revenue that beat forecasts, alongside a robust outlook for the current quarter supported by strong demand for artificial intelligence. Broadcom said it expects fiscal first quarter revenue of about $19.1bn, implying 28% year on year growth and exceeding the $18.3bn average analyst estimate, according to LSEG.