For twenty years Broadcom ran one play: buy a category leader with defensible technology and lazy margins, cut everything that is not the franchise, hold price, and use the cash to buy the next one. It worked from $1.4 billion of revenue in 2005 to $51.6 billion in 2024. Then a side business it had run quietly for two decades — designing custom chips to other companies’ specifications — met the largest capital expenditure cycle in the history of computing. AI semiconductor revenue went from $3.8 billion in fiscal 2023 to a guided $58 billion in fiscal 2026, with $115 billion indicated for fiscal 2027 and $230 billion for fiscal 2028.
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