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Broadcom (AVGO) stock sits about 23% below its 52-week high, and it has lost 6.9% over the past three months while the S&P 500 gained 3.6%. The latest drop followed a fiscal Q4 2026 revenue guide that fell short of Wall Street expectations. Set beside that guide was a revenue schedule stretching to fiscal 2028. That schedule is where the upside case lives.
Custom Accelerators Now Make Up Most Of Broadcom's AI Revenue
AI semiconductor revenue reached $16.7 billion in fiscal Q3 2026, more than triple a year earlier and 56% of the $29.6 billion in consolidated revenue, up from 49% in fiscal Q2 2026.
Broadcom delivered the TPU version 7 in high volume, began production shipments of the TPU version 8i, and shipped OpenAI's first-generation custom accelerator. Meta's MTIA accelerator is guided into production in fiscal Q4 2026. Custom accelerators made up 73% of AI revenue in fiscal Q3 2026.