Broadcom's AI chip revenue surged 143% year-over-year to $10.8 billion（約1.7兆円）, and the company is guiding for Q3 AI revenue of $16 billion（約2.6兆円）, up more than 200%, positioning it as a potential major winner as hyperscalers shift toward custom silicon alternatives to Nvidia.

What happened: Broadcom reported fiscal 2026 Q2 AI semiconductor revenue of $10.8 billion（約1.7兆円）, up 143% year over year, with consolidated revenue reaching $22.2 billion（約3.6兆円）. The company is targeting Q3 AI semiconductor revenue of $16 billion（約2.6兆円）, up more than 200% year over year, and consolidated revenue of $29.4 billion（約4.7兆円） with a non-GAAP operating margin of 67%.

Why it matters: Hyperscalers (large cloud providers) are increasingly turning to Broadcom for custom AI chips as they seek lower-cost alternatives to Nvidia's standard graphics processors. Broadcom's role in this shift has driven strong earnings results and kept the company well-positioned in the AI supply chain; if hyperscalers continue to favor custom chips, Broadcom appears poised to be one of the biggest winners of the AI race.

What to watch: The stock currently trades at 68 times earnings, a premium to Nvidia's 32x valuation, reflecting investor confidence that Broadcom's earnings have not yet peaked. A consensus of 42 analysts rates the stock a strong buy, with a high target price implying 56% upside from current levels.