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Broadcom sees $10 billion in AI chip sales in 2024, but shares dip

Economic TimesEconomic Times · 10m
Broadcom sees $10 billion in AI chip sales in 2024, but shares dip

Broadcom expects $10 billion in revenue from AI-related chips this year, but its stock dipped as its full-year forecast fell short of investor expectations. Similarly, Marvell Technology's revenue forecast also disappointed, causing its stock to decline. Both companies sell networking chips used in AI computing and assist clients in designing custom AI chips. Broadcom CEO Hock Tan stated that a significant portion of their AI chip revenue would come from two major clients, widely believed to be Google and Meta Platforms. Broadcom's custom chip business is expected to have high margins. Nonetheless, Broadcom did not update its annual revenue forecast, causing some disappointment among investors.

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