Broadcom posted record Q2 revenue but stock fell as investors worry about AI chip demand slowdown and margin pressures, leaving the stock down 10% in a month despite year-to-date gains.

What happened: Broadcom reported record Q2 revenue of US$22,187 million（約3.5兆円） and net income of US$9,310 million（約1.5兆円）, yet the share price declined as investors reacted to next quarter's guidance and shifting sentiment around AI chips. The stock is down 10.14% over the past 30 days, though it remains up 9.91% year to date.

Why it matters: The pullback reflects concern that hyperscaler (large cloud provider) AI spending may cool faster than expected, which could slow growth in the custom silicon and software businesses that are central to Broadcom's longer-term case. The stock's weakness contradicts Broadcom's strong operational performance, suggesting investors are reassessing how many years of AI infrastructure growth are already priced into the valuation.

What to watch: Broadcom trades at $382.07, well below the $651.05 fair value implied by analyst models, creating a sizeable valuation gap. The setup can crack if hyperscaler AI spending cools faster than expected, or if custom silicon and software fail to gain traction—both material risks to monitor alongside capital rotation into competing opportunities like the SpaceX IPO.