Broadcom forecasts Q1 revenue above estimates on strong AI chip demand
artificial intelligence chips in the next few years.
Shares of the Palo Alto, California-based company were up 14% in aftermaket trade after CEO Hock Tan told investors on a conference call he expects a revenue opportunity from AI in the range of $60 billion to $90 billion in fiscal 2027.
Tan indicated three «hyperscale» customers are likely to deploy millions of AI chip clusters at the time.
Big tech has been vying to reduce its dependence of pricey, supply-constrained AI processors made by front-runner Nvidia, helping Broadcom which makes advanced custom artificial intelligence chips for so-called hyperscalers.
Demand for Broadcom's networking chips that help move around vast amounts of data used by applications such as OpenAI's ChatGPT has also increased, as businesses double down on investments in GenAI infrastructure.
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