博通 (AVGO)：第二季度预览：预期指引稳健，关注27财年AI收入和ASIC竞争

研报英文原文证据摘录

Equity Research

18 August 2026 | 4:01PM EDT

Broadcom Inc. (AVGO): 2Q Preview: Expect solid guidance, with focus on

FY27 AI revenue and ASIC competition

Key stock takeaways: We expect investors to focus on (1) quantification of AI

revenue for FY27; (2) incremental competition from MediaTek and others; (3)

datacenter/customer readiness for FY27 deployments. We believe expectations

are somewhat muted heading into the print, as strong CapEx spending patterns are

somewhat offset by incremental competitive concerns. We expect upside to 3Q

guidance, with incremental color on the company’s FY27 outlook. In the medium

term, we expect investor questions to focus on potential upside to management’s

prior guidance for 10GW of demand in FY27 as well as on market share trends at key

accounts given incremental competitive intensity from MediaTek and others. In the

near term, we expect details on volume shipment trends to key XPU customers and

their readiness for FY27 AI deployments given the pace of datacenter deployments.

Our FY26/27 AI revenue estimates are 1%/12% above Street.

James Schneider, Ph.D.

+1(212)357-2929 |

Goldman Sachs & Co. LLC

Anmol Makkar

+1(212)357-1366 |

Goldman Sachs & Co. LLC

Luya You

Goldman Sachs & Co. LLC

Khalil Fenina

+1(212)357-6392 |

Goldman Sachs & Co. LLC

Setup heading into the print: We believe expectations are muted heading into the

quarter given strong AI CapEx trends at key customers, offset by incremental

competitive concerns.

Our view on key metrics and our estimates: We expect modest upward revisions to

Street FY26/27 estimates given upside to CapEx spending at most key customer

accounts. Our FY26/27 AI revenue estimates are 1%/12% above Street.

Items on the call that could move the stock: (1) Incremental details on FY27 AI

revenue - In light of a robust AI spending environment and strong peer results, we

expect investors to focus on any potential upside to prior guidance for 10GW of

datacenter deployments; (2) Incremental ASIC competition - Given recent

headlines around incremental competition in customer ASICs from MediaTek and

AMD (here), we expect updated datapoints on Broadcom’s share position at key

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