브로드컴, AI 인프라 구축의 핵심 Tollbooth 역할 확보
Is Broadcom the Best Chip Stock to Own Now? Maybe
OpenAI 등 주요 AI 플레이어와의 다년간의 계약은 Broadcom의 AI 인프라 지배력에 강력한 구조적 순풍을 제공합니다.
핵심 요약
브로드컴은 장기 계약을 통해 AI 인프라 구축의 핵심 관문 역할을 하며, 강력한 재무 성과를 바탕으로 장기적인 성장 잠재력을 보입니다.
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Original Article
Is Broadcom the Best Chip Stock to Own Now? Maybe
I keep hitting the buy button on Broadcom, and after the latest quarter I have no interest in stopping.
What pulls me back is the shape of this business. Broadcom ( NASDAQ:AVGO | AVGO Price Prediction ) is designing custom AI accelerators for a handful of the largest cloud buyers on the planet and selling the Ethernet switching silicon that stitches those clusters together. That is a tollbooth position on the AI buildout, and the receipts keep piling up.
Q2 FY2026 revenue landed at $22.19 billion, up 47.9% year over year, with non-GAAP EPS of $2.44, the eighth consecutive EPS beat. AI semiconductor revenue reached $10.80 billion, up 143% year over year, and management guided Q3 AI revenue to $16.0 billion, over 200% growth. CEO Hock Tan called demand for XPUs and networking “insatiable” and reported over $30 billion in AI bookings in the quarter, with order visibility now extending into 2028. He is standing by a fiscal 2027 AI revenue target above $100 billion.
Then there is the cash. Q2 free cash flow was $10.26 billion, 46% of revenue. Adjusted EBITDA margin sat at 69% of revenue. Operating income grew 85.07% year over year. This is a chip company throwing off software-company margins, and the balance sheet reflects it: cash and equivalents climbed to $19.63 billion, up 107.22% year over year.
The forward multiple grounds the price for me. Trailing P/E of 69 looks steep until you sit next to a forward P/E of 21 and a PEG of 0.438. Analyst consensus target sits at $527.88 with 44 buy ratings and zero sells.
The obvious reach for chip exposure is NVIDIA ( NASDAQ:NVDA ) or Advanced Micro Devices ( NASDAQ:AMD ). I own some NVIDIA. I just keep sending fresh dollars here because Broadcom occupies a different lane. NVIDIA sells merchant GPUs into an open market. Broadcom co-designs silicon with Google, Meta, OpenAI, and Anthropic, locking in multi-year commitments including 10 gigawatts of OpenAI deployment by 2029 and 3 gigawatts of Meta MTIA XPUs through 2028.
Broadcom stands apart on the income side: 15 consecutive annual dividend increases since fiscal 2011, most recently a 10% raise to $0.65 quarterly. Ten years of Broadcom turned $1,000 into $25,041. That is a compounding machine attached to an AI growth engine.
Customer concentration is real. A handful of hyperscalers drive the AI revenue line, and a proposed U.S. ban on Chinese-made optical transceivers could pressure the supply chain. Insider activity has skewed to net selling across 62 recent transactions. I keep buying anyway because the $30 billion in Q2 bookings and 2028 visibility are contractual, not aspirational, and the customer list is spreading across four named frontier labs.
I am buying a designer of the silicon that AI runs on, wrapped inside a cash-return story with a 15-year dividend growth streak. As long as the order book keeps stretching further out and the free cash flow keeps landing near half of revenue, my finger stays on the buy button.
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