Goldman says Broadcom’s AI-driven growth over the next two years will come
materially from new customers beyond Google — including ANTHROPIC, OpenAI and
Meta — and has materially raised its 2028 revenue and earnings forecasts.
Goldman now models fiscal 2027 and 2028 revenues at about $125bn and $240bn
versus company guidance of >$115bn and >$230bn. A rising mix of custom AI chips
should continue to pressure gross margins, but scale should keep operating
margins roughly stable. Goldman maintains Buy, raising the PT from $525 to $540;
upside scenario $756, downside $234. (Goldman Sachs report, Sept. 2)
