Broadcom's AI chip sales jumped 143% year-over-year to $10.8 billion（約1.7兆円） in Q2, putting the stock on track to potentially reach $550 by 2027 if earnings growth holds without requiring further valuation expansion.

What happened: Broadcom reported record Q2 revenue, operating profit, and free cash flow, with AI chip sales rising 143% year-over-year to $10.8 billion（約1.7兆円）. CEO Hock Tan guided to AI revenue from chips in excess of $100 billion（約16兆円） in 2027, and disclosed six committed customers for the company's XPU platform—including Google, Anthropic, Meta, and OpenAI—with OpenAI planning to deploy its first-generation XPU in volume in 2027 at over 1 gigawatt of compute capacity.

Why it matters: At the current stock price of $382.07 (trading at a forward P/E near 32×), a move to $550 would require a 44% gain that depends entirely on earnings growth rather than multiple expansion. Wall Street consensus target is $522.06, implying 37% upside, suggesting the $550 level is achievable if Tan's $100 billion（約16兆円） 2027 revenue target and the XPU customer commitments materialize. The stock sits 23% below its 52-week high of $495 despite blowout Q2 results, indicating investor caution about execution.

What to watch: Three conditions must hold for the $550 target: AI semiconductor revenue tracking toward the $100 billion（約16兆円） 2027 goal, the six XPU customers converting to volume shipments on schedule, and gross margins holding near 77% through the AI product mix shift. The primary risk is hyperscaler capex normalizing faster than expected, which could derail the forecast. Q3 guidance calls for $29.4 billion（約4.7兆円） in revenue with AI sales over 200% year-over-year.