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Broadcom reported fiscal Q3 2026 revenue of $29.6 billion, an 86% year-over-year increase, driven primarily by a 221% surge in AI semiconductor sales to $16.7 billion. The company raised its full-year fiscal 2026 AI revenue forecast to $58 billion and projected AI revenue of approximately $230 billion by fiscal 2028. Simultaneously, Intel reported Q2 2026 revenue of $16.1 billion, up 25% year-over-year, with its Data Center and AI segment growing 59%.
Broadcom reported consolidated revenue of $29.6 billion for fiscal Q3 2026, representing an 86% increase from the same period last year. The company's AI semiconductor business was the primary driver, generating $16.7 billion in revenue, a 221% year-over-year jump. AI chips constituted 56% of Broadcom's total revenue for the quarter.
Profitability metrics also showed significant growth, with non-GAAP operating income reaching $20.1 billion, up 92% year-over-year. Free cash flow stood at $13.7 billion, or 46% of revenue. Management guided Q4 fiscal 2026 revenue to approximately $34.8 billion, which would represent 93% growth from the prior year.
Broadcom raised its full-year fiscal 2026 AI revenue forecast to $58 billion. The company's longer-range outlook projects AI revenue of approximately $115 billion in fiscal 2027 and approximately $230 billion in fiscal 2028. These forecasts are based on supply agreements with major AI customers, including Google, Meta, OpenAI, and Anthropic.
Anthropic is expected to become the largest customer for Broadcom's custom AI accelerators, known as XPUs, by 2027. XPUs are custom silicon designed for specific customer workloads, creating long-term relationships that support Broadcom's multi-year forecasting confidence.
Intel reported Q2 2026 revenue of $16.1 billion, up 25% from the prior year. Its Data Center and AI segment grew 59% to $6.3 billion. Intel's non-GAAP gross margin improved to approximately 41.8%, and losses in its foundry business narrowed, indicating signs of recovery under CEO Lip-Bu Tan's leadership.
왜 중요한가요?
The results demonstrate that AI hardware demand is now the primary driver of revenue for major semiconductor firms, with Broadcom's AI segment alone exceeding Intel's total quarterly revenue. This shift highlights the concentration of AI spending among a few large customers, including Google, Meta, OpenAI, and Anthropic, and underscores the financial scale of the AI infrastructure buildout.
Broadcom's AI semiconductor revenue of $16.7 billion exceeded Intel's entire quarterly revenue of $16.1 billion, highlighting the disproportionate financial impact of AI hardware on the semiconductor industry.
The concentration of Broadcom's revenue among a small group of hyperscalers and AI labs creates potential vulnerability to spending slowdowns, but also indicates strong, contracted demand for custom AI infrastructure.
Intel's recovery in its Data Center and AI segment suggests that traditional chipmakers are also benefiting from the AI boom, though at a slower pace than specialized AI hardware providers like Broadcom.
The multi-year revenue forecasts from Broadcom reflect a shift in the semiconductor industry toward long-term, custom silicon contracts driven by the massive requirements of large language models and AI agents.
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다음에 무엇을 볼 것인가
Investors should monitor Broadcom's Q4 fiscal 2026 results against its $34.8 billion guidance and track whether Intel's margin improvements and foundry business recovery sustain over the next few quarters.
Broadcom's Q4 fiscal 2026 results will be tested against its guidance of approximately $34.8 billion in revenue.
The sustainability of Intel's margin gains and foundry business improvements will be key indicators of its broader turnaround success.
The pace of AI budget scaling by major customers like Anthropic and OpenAI will directly impact Broadcom's ability to meet its aggressive fiscal 2027 and 2028 revenue targets.