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.