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

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)