Broadcom shares fell nearly 7% intraday on Friday as investors flagged risks in
the financing model for its AI infrastructure expansion. BofA analysts estimate
the financing vehicle for Broadcom’s AI‑chip customers could accumulate up to
$370bn of senior debt by mid‑2029, with about $150bn of new issuance in 2027,
assuming a 20 GW data‑centre buildout. The debt would sit on the platform rather
than Broadcom’s balance sheet, but Broadcom has provided lease‑payment
guarantees for some customers; the first guaranteed transaction is about $29bn.
The financing structure began in June, when Apollo Global Management and
Blackstone led a $35bn funding package for Broadcom’s AIXPV platform; initial
proceeds will support Anthropic’s build of more than 1 GW of compute and the
platform targets over 20 GW by 2028. Market attention will focus on Broadcom’s
potential future guarantee exposure as AI infrastructure scales.
