Broadcom (AVGO)
Builds AI and connectivity chips alongside private-cloud and infrastructure software.
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Broadcom is two businesses joined at the hip: chips that move and process data, and software that keeps large companies’ computer rooms running. The VMware purchase made software a large, steady base, but custom AI chips and the connections between them are quickly becoming the center of gravity. That growth depends on a small circle of enormous buyers and scarce manufacturing capacity.
Item facts: FY2025 · year ended Nov 2, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 11 more below
VMware Cloud Foundation and Private Cloud Portfolio
Software for running a company’s own computer rooms as one system. More than 87% of Broadcom’s largest VMware customers had adopted it by June 2025; watch whether easier subscriptions keep renewals high or push customers elsewhere.
Competes with Nutanix Cloud Platform and AHV (Nutanix) · OpenShift Virtualization (Red Hat)
In plain English
Picture a company that wants one control panel for its own servers, storage boxes and network gear instead of managing each piece separately. VMware Cloud Foundation is that control panel, with extra tools for protecting data, recovering from failures and running applications.
Large companies and service providers pay for multi-year access and support. They keep paying because moving years of important computer work elsewhere is difficult, but rivals and rented public computing give unhappy customers an exit.
Mainframe Software Portfolio
Tools that keep long-lived central computers reliable, secure and easier to update. The line contributes roughly 4–5% of FY2025 revenue; its job is steady subscription and support cash, provided those machines remain essential.
Competes with BMC AMI (BMC Software) · OMEGAMON and Z Management Suite (IBM)
In plain English
The unglamorous old engine in the basement. Banks and other transaction-heavy organizations still rely on powerful central computers for work that cannot simply stop, and Broadcom sells the tools that watch them, protect them and help programmers make changes.
Customers pay subscriptions and support fees because replacing these systems is risky and keeping them dependable is mandatory. That makes renewals durable, although the business ultimately rests on companies continuing to run IBM’s central computers and finding people who know how to maintain them.
Cybersecurity Portfolio
Symantec and Carbon Black protect employee devices, company networks, information and identities. They supply roughly 3–4% of FY2025 revenue; watch whether strong protection and sales partners can offset Microsoft’s bundled alternative.
Competes with Defender for Endpoint (Microsoft) · Falcon (CrowdStrike)
In plain English
Every employee laptop and company network is another door that an intruder might try. Symantec and Carbon Black act as the locks, alarms and guards, checking devices and traffic while controlling who can reach sensitive information.
Large companies and governments pay ongoing fees because attacks do not stop after the software is installed. Broadcom sells directly to its biggest accounts and uses Catalyst partners for wider coverage. Customers can switch if protection slips, the software slows their machines or an alternative already included with Microsoft proves good enough.
Enterprise Software Portfolio
A watchtower and repair kit for sprawling company technology. At roughly 2–3% of FY2025 revenue, it is a small software line; growth depends on proving that one set of tools can spot trouble and automate repairs across many systems.
Competes with IT Operations Management (ServiceNow) · Observability platform (Datadog)
In plain English
When a company’s computer systems misbehave, the hard part is finding which piece caused the problem. Broadcom’s tools collect warning signs from many systems, connect related failures and trigger routine fixes before people have to chase every alert by hand.
Technology teams subscribe to reduce outages and replace a patchwork of separate tools. Consultants and companies that manage technology for clients help install the workflows. The sale holds only if the tools connect cleanly to many kinds of rented and company-owned computing and save enough human effort to justify another subscription.
Custom Silicon Solutions — AI Chips and Systems
Purpose-built AI chips and complete computer racks for a handful of giant buyers. They sit inside Broadcom’s $162 billion AI-and-software backlog; watch how quickly six customer programs move from costly designs into large shipments.
Competes with Custom HBM Compute Architecture (Marvell) · Vera Rubin and Grace Blackwell (NVIDIA)
In plain English
A giant AI builder can save time and electricity by ordering a chip made for its exact work instead of buying the same general-purpose part as everyone else. Broadcom helps design that specialized chip, connects it to fast memory and increasingly delivers the surrounding boards and racks.
Google, Anthropic, OpenAI, Meta and two undisclosed buyers pay through large, multi-year orders. Broadcom earns as finished hardware ships. The scale is powerful but concentrated: an unnamed distributor handled nearly a third of all Broadcom revenue in FY2025, while scarce advanced manufacturing, memory and packaging can delay deliveries.
Ethernet Switching, Routing and AI Connectivity
Chips and optical parts that steer data among computers. They were 27% of FY2026 Q3 AI revenue—down only because custom AI systems grew faster; watch Ethernet’s share against rival ways of linking machines.
Competes with Spectrum-X (NVIDIA) · Silicon One G/P-series (Cisco)
In plain English
Thousands of computers training an AI model must constantly pass pieces of work to one another. Broadcom makes the traffic directors, connection cards and light-based parts that keep those messages moving, as well as similar parts for ordinary computer rooms.
Operators of enormous computing sites create demand whenever they add more machines and faster links. Equipment makers buy Broadcom parts and build them into switches, routers and cards. Revenue rises with the number and speed of connections, but depends on Ethernet remaining the preferred road system and on optical parts arriving when new sites are ready.
Server and Storage System Solutions
Connector and controller chips that help servers reach disks and move information among parts. The line supplies roughly 5–6% of FY2025 revenue; watch equipment replacement cycles and extra connection needs inside denser AI servers.
Competes with SmartRAID 3200 (Microchip) · Bravera SC5 (Marvell)
In plain English
Not every valuable chip does the headline calculation. Some act like warehouse clerks: they decide where information should go, keep several disks working together and connect a computer’s main processor to extra equipment. Broadcom sells these quiet helpers to makers of servers, storage boxes and disk drives.
Once a part is approved for a machine design, the manufacturer buys it as systems ship. More crowded AI servers can require extra connections, but ordinary storage demand rises and falls with replacement cycles, capacity additions and customers working through parts they already bought.
Wireless Device Connectivity Solutions
Radio filters, Wi-Fi and Bluetooth chips, touch controls and charging parts for phones and other devices. Apple’s July 2026 agreement exceeds $30 billion; watch premium-phone launches, rising radio complexity and reliance on one anchor customer.
Competes with RF Fusion and RF Flex (Qorvo) · Sky5 modules (Skyworks)
In plain English
Inside a phone, radio signals must be separated cleanly, wireless links must stay connected and touches must become commands. Broadcom supplies the tiny filters and chips that do those jobs, plus charging parts. More radio bands and newer Wi-Fi can put more Broadcom content into each device.
Device makers and their assembly partners buy the parts for each product generation, so revenue swells around launches and then eases. Apple is the anchor customer. Broadcom benefits when phones become more complex, but an ordinary upgrade cycle or a lost place in a future design can quickly change demand.
VMware Cloud Foundation and Private Cloud PortfolioSoftware for running a company’s own computer rooms as one system. More than 87% of Broadcom’s largest VMware customers had adopted it by June 2025; watch whether easier subscriptions keep renewals high or push customers elsewhere.Software for running a company’s own computer rooms as one system. More than 87% of Broadcom’s largest VMware customers had adopted it by June 2025; watch whether easier subscriptions keep renewals high or push customers elsewhere.
In plain English
Picture a company that wants one control panel for its own servers, storage boxes and network gear instead of managing each piece separately. VMware Cloud Foundation is that control panel, with extra tools for protecting data, recovering from failures and running applications.
Large companies and service providers pay for multi-year access and support. They keep paying because moving years of important computer work elsewhere is difficult, but rivals and rented public computing give unhappy customers an exit.
Competes with Nutanix Cloud Platform and AHV (Nutanix) · OpenShift Virtualization (Red Hat)
Mainframe Software PortfolioTools that keep long-lived central computers reliable, secure and easier to update. The line contributes roughly 4–5% of FY2025 revenue; its job is steady subscription and support cash, provided those machines remain essential.Tools that keep long-lived central computers reliable, secure and easier to update. The line contributes roughly 4–5% of FY2025 revenue; its job is steady subscription and support cash, provided those machines remain essential.
In plain English
The unglamorous old engine in the basement. Banks and other transaction-heavy organizations still rely on powerful central computers for work that cannot simply stop, and Broadcom sells the tools that watch them, protect them and help programmers make changes.
Customers pay subscriptions and support fees because replacing these systems is risky and keeping them dependable is mandatory. That makes renewals durable, although the business ultimately rests on companies continuing to run IBM’s central computers and finding people who know how to maintain them.
Competes with BMC AMI (BMC Software) · OMEGAMON and Z Management Suite (IBM)
Cybersecurity PortfolioSymantec and Carbon Black protect employee devices, company networks, information and identities. They supply roughly 3–4% of FY2025 revenue; watch whether strong protection and sales partners can offset Microsoft’s bundled alternative.Symantec and Carbon Black protect employee devices, company networks, information and identities. They supply roughly 3–4% of FY2025 revenue; watch whether strong protection and sales partners can offset Microsoft’s bundled alternative.
In plain English
Every employee laptop and company network is another door that an intruder might try. Symantec and Carbon Black act as the locks, alarms and guards, checking devices and traffic while controlling who can reach sensitive information.
Large companies and governments pay ongoing fees because attacks do not stop after the software is installed. Broadcom sells directly to its biggest accounts and uses Catalyst partners for wider coverage. Customers can switch if protection slips, the software slows their machines or an alternative already included with Microsoft proves good enough.
Competes with Defender for Endpoint (Microsoft) · Falcon (CrowdStrike)
Enterprise Software PortfolioA watchtower and repair kit for sprawling company technology. At roughly 2–3% of FY2025 revenue, it is a small software line; growth depends on proving that one set of tools can spot trouble and automate repairs across many systems.A watchtower and repair kit for sprawling company technology. At roughly 2–3% of FY2025 revenue, it is a small software line; growth depends on proving that one set of tools can spot trouble and automate repairs across many systems.
In plain English
When a company’s computer systems misbehave, the hard part is finding which piece caused the problem. Broadcom’s tools collect warning signs from many systems, connect related failures and trigger routine fixes before people have to chase every alert by hand.
Technology teams subscribe to reduce outages and replace a patchwork of separate tools. Consultants and companies that manage technology for clients help install the workflows. The sale holds only if the tools connect cleanly to many kinds of rented and company-owned computing and save enough human effort to justify another subscription.
Competes with IT Operations Management (ServiceNow) · Observability platform (Datadog)
Custom Silicon Solutions — AI Chips and SystemsPurpose-built AI chips and complete computer racks for a handful of giant buyers. They sit inside Broadcom’s $162 billion AI-and-software backlog; watch how quickly six customer programs move from costly designs into large shipments.Purpose-built AI chips and complete computer racks for a handful of giant buyers. They sit inside Broadcom’s $162 billion AI-and-software backlog; watch how quickly six customer programs move from costly designs into large shipments.
In plain English
A giant AI builder can save time and electricity by ordering a chip made for its exact work instead of buying the same general-purpose part as everyone else. Broadcom helps design that specialized chip, connects it to fast memory and increasingly delivers the surrounding boards and racks.
Google, Anthropic, OpenAI, Meta and two undisclosed buyers pay through large, multi-year orders. Broadcom earns as finished hardware ships. The scale is powerful but concentrated: an unnamed distributor handled nearly a third of all Broadcom revenue in FY2025, while scarce advanced manufacturing, memory and packaging can delay deliveries.
Competes with Custom HBM Compute Architecture (Marvell) · Vera Rubin and Grace Blackwell (NVIDIA)
Ethernet Switching, Routing and AI ConnectivityChips and optical parts that steer data among computers. They were 27% of FY2026 Q3 AI revenue—down only because custom AI systems grew faster; watch Ethernet’s share against rival ways of linking machines.Chips and optical parts that steer data among computers. They were 27% of FY2026 Q3 AI revenue—down only because custom AI systems grew faster; watch Ethernet’s share against rival ways of linking machines.
In plain English
Thousands of computers training an AI model must constantly pass pieces of work to one another. Broadcom makes the traffic directors, connection cards and light-based parts that keep those messages moving, as well as similar parts for ordinary computer rooms.
Operators of enormous computing sites create demand whenever they add more machines and faster links. Equipment makers buy Broadcom parts and build them into switches, routers and cards. Revenue rises with the number and speed of connections, but depends on Ethernet remaining the preferred road system and on optical parts arriving when new sites are ready.
Competes with Spectrum-X (NVIDIA) · Silicon One G/P-series (Cisco)
Server and Storage System SolutionsConnector and controller chips that help servers reach disks and move information among parts. The line supplies roughly 5–6% of FY2025 revenue; watch equipment replacement cycles and extra connection needs inside denser AI servers.Connector and controller chips that help servers reach disks and move information among parts. The line supplies roughly 5–6% of FY2025 revenue; watch equipment replacement cycles and extra connection needs inside denser AI servers.
In plain English
Not every valuable chip does the headline calculation. Some act like warehouse clerks: they decide where information should go, keep several disks working together and connect a computer’s main processor to extra equipment. Broadcom sells these quiet helpers to makers of servers, storage boxes and disk drives.
Once a part is approved for a machine design, the manufacturer buys it as systems ship. More crowded AI servers can require extra connections, but ordinary storage demand rises and falls with replacement cycles, capacity additions and customers working through parts they already bought.
Competes with SmartRAID 3200 (Microchip) · Bravera SC5 (Marvell)
Wireless Device Connectivity SolutionsRadio filters, Wi-Fi and Bluetooth chips, touch controls and charging parts for phones and other devices. Apple’s July 2026 agreement exceeds $30 billion; watch premium-phone launches, rising radio complexity and reliance on one anchor customer.Radio filters, Wi-Fi and Bluetooth chips, touch controls and charging parts for phones and other devices. Apple’s July 2026 agreement exceeds $30 billion; watch premium-phone launches, rising radio complexity and reliance on one anchor customer.
In plain English
Inside a phone, radio signals must be separated cleanly, wireless links must stay connected and touches must become commands. Broadcom supplies the tiny filters and chips that do those jobs, plus charging parts. More radio bands and newer Wi-Fi can put more Broadcom content into each device.
Device makers and their assembly partners buy the parts for each product generation, so revenue swells around launches and then eases. Apple is the anchor customer. Broadcom benefits when phones become more complex, but an ordinary upgrade cycle or a lost place in a future design can quickly change demand.
Competes with RF Fusion and RF Flex (Qorvo) · Sky5 modules (Skyworks)
Named in filings, launches and programs
- Google TPU ProgramCustomer program · RampingGoogle’s multi-generation custom AI chip program was shipping its latest designs in FY2026 Q3.
- Anthropic TPU Compute ProgramCustomer program · RampingAnthropic’s custom AI computing orders exceeded $21 billion by December 2025, with another large capacity commitment beginning in 2027.
- OpenAI Jalapeño ProgramCustomer program · RampingOpenAI’s custom chips and Ethernet systems are scheduled to roll out from late 2026 through 2029; Jalapeño is the first named processor.
- Meta MTIA ProgramCustomer program · RampingMeta’s multi-generation custom chip program is planned to supply three gigawatts of computing capacity through 2028.
- Two Additional Custom AI Chip ProgramsCustomer program · RampingTwo unnamed buyers had about $6 billion of combined orders disclosed for late-2026 shipments and a FY2027 ramp.
- AI XPV PlatformPlatform · RampingApollo and Blackstone arrange outside financing for AI computer sites, beginning with a $35 billion Anthropic project; the platform itself is not Broadcom revenue.
- Broadband SolutionsProduct lineChips for TV boxes, home internet equipment and residential Wi-Fi contribute roughly 2–3% of FY2025 revenue.
- IndustrialProduct lineSensors, light-based switches, position readers, LEDs and factory-network parts contribute about 1% of FY2025 revenue.
- FC SAN ManagementProduct lineSoftware for managing the dedicated networks between servers and storage contributes roughly 1% of FY2025 revenue.
- VMware Private AI Cloud and VMware AI FactoryPlatform · RampingNew VMware tools help companies run and manage AI inside their own computer rooms; their economics sit within VMware Cloud Foundation.
- Semiconductor IP LicensingServiceOther chipmakers pay to use Broadcom’s connectivity designs and related know-how, contributing less than 1% of FY2025 revenue.
Google TPU ProgramCustomer program · Ramping
Google’s multi-generation custom AI chip program was shipping its latest designs in FY2026 Q3.
Anthropic TPU Compute ProgramCustomer program · Ramping
Anthropic’s custom AI computing orders exceeded $21 billion by December 2025, with another large capacity commitment beginning in 2027.
OpenAI Jalapeño ProgramCustomer program · Ramping
OpenAI’s custom chips and Ethernet systems are scheduled to roll out from late 2026 through 2029; Jalapeño is the first named processor.
Meta MTIA ProgramCustomer program · Ramping
Meta’s multi-generation custom chip program is planned to supply three gigawatts of computing capacity through 2028.
Two Additional Custom AI Chip ProgramsCustomer program · Ramping
Two unnamed buyers had about $6 billion of combined orders disclosed for late-2026 shipments and a FY2027 ramp.
AI XPV PlatformPlatform · Ramping
Apollo and Blackstone arrange outside financing for AI computer sites, beginning with a $35 billion Anthropic project; the platform itself is not Broadcom revenue.
Broadband SolutionsProduct line
Chips for TV boxes, home internet equipment and residential Wi-Fi contribute roughly 2–3% of FY2025 revenue.
IndustrialProduct line
Sensors, light-based switches, position readers, LEDs and factory-network parts contribute about 1% of FY2025 revenue.
FC SAN ManagementProduct line
Software for managing the dedicated networks between servers and storage contributes roughly 1% of FY2025 revenue.
VMware Private AI Cloud and VMware AI FactoryPlatform · Ramping
New VMware tools help companies run and manage AI inside their own computer rooms; their economics sit within VMware Cloud Foundation.
Semiconductor IP LicensingService
Other chipmakers pay to use Broadcom’s connectivity designs and related know-how, contributing less than 1% of FY2025 revenue.