Broadcom Inc. is a global technology leader specializing in the design, development, and supply of semiconductor and infrastructure software solutions. The company operates primarily in two segments: semiconductor solutions and infrastructure software, offering products that cater to enterprise and data center networking, home connectivity, smartphones, and data center servers . Broadcom's infrastructure software solutions enable customers to manage and secure applications across various platforms, including mainframe, distributed, mobile, and cloud . A significant portion of Broadcom's revenue is derived from semiconductor sales, with major contributions from distributors and OEMs .
- Semiconductor Solutions - Designs and supplies complex digital and mixed signal complementary metal oxide semiconductor devices, analog III-V based products, and mission-critical fibre channel storage area networking products. These devices are integral to enterprise and data center networking, home connectivity, smartphones, and data center servers.
- Infrastructure Software - Offers solutions for planning, developing, automating, managing, and securing applications across mainframe, distributed, mobile, and cloud platforms. This includes application development and delivery, application networking and security, and cybersecurity solutions, with a significant contribution from VMware.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Hock E. Tan ExecutiveBoard | President, Chief Executive Officer, and Director | Director at Meta Platforms, Inc. | Hock E. Tan has been CEO since 2006, leading Broadcom's growth into a global technology leader. Previously held leadership roles at ICS, PepsiCo, and General Motors. | View Report → |
Charlie B. Kawwas Executive | President, Semiconductor Solutions Group | None | Charlie B. Kawwas has been with Broadcom since 2014. He became President of the Semiconductor Solutions Group in July 2022, overseeing significant revenue growth and strategic initiatives. | View Report → |
Kirsten M. Spears Executive | Chief Financial Officer and Chief Accounting Officer | None | Kirsten M. Spears became CFO in December 2020. She joined Broadcom in 2014 after its acquisition of LSI Corporation, where she held senior financial roles. | |
Mark D. Brazeal Executive | Chief Legal and Corporate Affairs Officer | None | Mark D. Brazeal joined Broadcom in 2017 as Chief Legal Officer and transitioned to his current role in December 2021. Previously held legal leadership roles at SanDisk and Broadcom Corporation. | |
Check Kian Low Board | Independent Director | Founding Partner at NewSmith Capital Partners LLP; Owner and Director at Cluny Capital Limited | Check Kian Low has been a director since 2016. He has extensive experience in finance and corporate advisory, with leadership roles at NewSmith Capital and Cluny Capital. | |
Eddy W. Hartenstein Board | Lead Independent Director | Lead Independent Director at SIRIUS XM Holdings Inc. | Eddy W. Hartenstein has been a director since 2016 and Lead Independent Director since 2018. He has held executive roles at DIRECTV, Tribune Company, and the Los Angeles Times. | |
Gayla J. Delly Board | Independent Director | Director at Flowserve Corporation and Littelfuse, Inc. | Gayla J. Delly has been a director since 2017. She is the former CEO of Benchmark Electronics and has extensive experience in manufacturing, technology, and finance. | |
Harry L. You Board | Independent Director | Director at IonQ, Inc.; Chairman and CFO of dMY Squared Technology Group, Inc.; Chairman of Coliseum Acquisition Corp | Harry L. You has been a director since 2019. He brings expertise in finance, strategy, and technology from his roles as CFO of multinational companies and leadership in SPACs. | |
Justine F. Page Board | Independent Director | None | Justine F. Page has been a director since 2019. She previously served as CFO of Integrated Circuit Systems and has extensive experience in finance and semiconductors. | |
Kenneth Y. Hao Board | Independent Director | Director at SolarWinds Corporation and Splunk Inc. | Kenneth Y. Hao joined the Board in February 2024. He is the Chairman and Managing Partner of Silver Lake, with extensive experience in technology investments and strategy. |
- With cloud hyperscalers increasingly developing their own custom AI accelerators (XPUs), potentially reducing reliance on merchant silicon, how does Broadcom plan to adapt its semiconductor strategy to address this shift?
- The relocation of IP back to the U.S. has resulted in a $4.5 billion tax liability; can you elaborate on the strategic rationale behind this move and its anticipated impact on cash flow and future tax rates?
- Given the surge in demand for AI-related XPUs and networking products, have you encountered any supply chain constraints that could limit your ability to meet this upside demand, and how are you addressing them?
- As the industry shifts towards flash storage solutions, how does Broadcom's investment in hard disk drive technology through the acquisition of Seagate's HDD SoC assets align with market trends, and what risks do you foresee?
- Non-AI semiconductor revenues and certain software segments appear significantly below prior peak levels; what specific strategies are you implementing to drive recovery and growth in these areas, and how confident are you in returning to previous performance levels?
Research analysts who have asked questions during Broadcom earnings calls.
Harlan Sur
JPMorgan Chase & Co.
6 questions for AVGO
Ross Seymore
Deutsche Bank
6 questions for AVGO
Vivek Arya
Bank of America Corporation
6 questions for AVGO
Joseph Moore
Morgan Stanley
5 questions for AVGO
Stacy Rasgon
Bernstein Research
5 questions for AVGO
Christopher Rolland
Susquehanna Financial Group
4 questions for AVGO
CJ Muse
Cantor Fitzgerald
4 questions for AVGO
Karl Ackerman
BNP Paribas
4 questions for AVGO
William Stein
Truist Securities
4 questions for AVGO
Aaron Rakers
Wells Fargo
3 questions for AVGO
Ben Reitzes
Melius Research LLC
3 questions for AVGO
Blayne Curtis
Jefferies Financial Group
3 questions for AVGO
Harsh Kumar
Piper Sandler & Co.
3 questions for AVGO
Joshua Buchalter
TD Cowen
3 questions for AVGO
Timothy Arcuri
UBS
3 questions for AVGO
Vijay Rakesh
Mizuho
3 questions for AVGO
Benjamin Reitzes
Melius Research
2 questions for AVGO
Christopher Muse
Cantor Fitzgerald
2 questions for AVGO
Srini Pajjuri
Raymond James Financial
2 questions for AVGO
Christopher Caso
Wolfe Research
1 question for AVGO
Edward Snyder
Charter Equity Research
1 question for AVGO
Jim Schneider
Goldman Sachs
1 question for AVGO
Thomas O’Malley
Barclays Capital
1 question for AVGO
Toshiya Hari
Goldman Sachs Group, Inc.
1 question for AVGO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Seagate's System-on-Chip (SoC) Operations | 2024 | Broadcom acquired Seagate’s SoC operations for $600 million, allocating $570 million to intangible assets, $14 million to goodwill, and $16 million to other assets to strengthen its SoC portfolio. |
VMware, Inc. | 2023 | Broadcom completed a cash-and-stock acquisition of VMware on November 22, 2023, valued at approximately $86.3 billion, to enhance its infrastructure software capabilities and support enterprise cloud modernization, with funding provided by term loans and cash on hand. |
Recent press releases and 8-K filings for AVGO.
- Broadcom announced Thor Ultra, the industry’s first 800G AI Ethernet Network Interface Card, compliant with the open Ultra Ethernet Consortium (UEC) specification to scale AI workloads across XPUs.
- The NIC introduces advanced RDMA features including packet-level multipathing, out-of-order delivery, selective retransmission, and programmable congestion control for large AI clusters.
- Thor Ultra supports standard PCIe CEM and OCP 3.0 form factors, a PCIe Gen6 x16 host interface, and 100G/200G PAM4 SerDes with long-reach passive copper.
- The product is now sampling and integrates with Broadcom’s Ethernet AI networking portfolio alongside Tomahawk switches and Scale-Up Ethernet solutions.
- Broadcom unveils the industry’s first Wi-Fi 8 silicon ecosystem for residential gateways, enterprise access points, and mobile clients, engineered for AI-era edge networks.
- The new BCM6718, BCM43840, BCM43820, and BCM43109 chips support IEEE 802.11bn and WFA Wi-Fi 8 specifications across residential, enterprise, and smart mobile segments.
- Solutions include a hardware-accelerated telemetry engine and advanced features—inter-AP coordination, congestion avoidance, range enhancements, and seamless roaming—to optimize AI-driven network performance.
- Wi-Fi 8 silicon is currently sampling, and Broadcom’s IP is available for licensing to IoT, automotive, and mobile device manufacturers.
- Broadcom and OpenAI sign an agreement to co-develop and deploy 10 gigawatts of custom AI accelerators and Ethernet network systems.
- OpenAI will design the accelerators and systems with insights from its frontier models, and Broadcom will supply and deploy racks of these systems.
- Deployment is targeted to begin in the second half of 2026 and complete by the end of 2029.
- The collaboration reinforces Broadcom’s leadership in AI infrastructure, integrating its end-to-end Ethernet, PCIe, and optical connectivity solutions.
- Arrcus and Quanta Cloud Technology announced a strategic collaboration to integrate Arrcus’s ArcOS network OS with QCT’s switching hardware, targeting AI rack solutions unveiled at OCP Global Summit on October 13, 2025.
- The solution leverages Broadcom’s Tomahawk 5 for a high-performance, low-latency Ethernet backend and Tomahawk 5 and Trident merchant silicon for scalable leaf-spine fabrics.
- Arrcus’s ACE-AI stack provides lossless Ethernet (RoCEv2, PFC, ECN) and hardware telemetry for real-time visibility in AI training and inference workloads.
- ArcOS will be ported onto QCT’s QuantaMesh TA064-IXM (800G) and T1048-LYB (1G) platforms, with Arrcus, QCT, and Broadcom finalizing platform integrations and go-to-market strategies.
- OpenAI and Broadcom will co-develop custom AI processors to deploy 10 gigawatts of capacity by 2029.
- The deal is structured as a $10 billion custom chip order, boosting Broadcom’s market valuation.
- Broadcom will lead development and deployment beginning in 2H 2026, without taking equity in OpenAI.
- OpenAI will adopt Broadcom’s networking equipment exclusively, shifting away from Nvidia’s InfiniBand technology.
- Drawbridge Realty acquired The HIVE, a 190,000 sq ft three-building Class A office campus in Costa Mesa’s Greater Airport submarket from Invesco Real Estate.
- Concurrently leased 100% of the campus to Anduril Industries under a long-term lease signed at closing.
- The property covers 14 acres, including 3 acres of excess land with potential for future development.
- Year-to-date, Drawbridge has acquired $304 million in assets (≈402,000 sq ft) and invested $20 million in tenant and capital improvements in 2025.
- Broadcom begins shipping its third-generation Co-Packaged Optics Ethernet switch, Tomahawk 6 – Davisson, delivering 102.4 Tbps switching capacity designed for AI networking.
- The TH6-Davisson platform operates at 200 Gbps per channel, doubling the bandwidth of the prior generation, and cuts optical interconnect power consumption by 70% versus traditional pluggable solutions.
- By integrating optical engines directly onto the switch package, it significantly improves link stability and reduces link flaps, enhancing cluster reliability for large-scale AI training.
- The BCM78919 device supports up to 512 XPUs in scale-up clusters and 100,000+ XPUs in two-tier networks, and is currently sampling with early access customers.
- On September 22, 2025, Broadcom agreed to sell $5.0 billion aggregate principal of unsecured, unsubordinated senior notes: $1.0 billion of 4.200% notes due 2030, $2.25 billion of 4.800% notes due 2036, and $1.75 billion of 4.900% notes due 2038.
- The notes were priced at 99.858% (2030), 99.787% (2036), and 99.757% (2038), yielding 4.231%, 4.827%, and 4.927%, respectively, with settlement on September 29, 2025.
- Broadcom estimates net proceeds of $4.968 billion, to be used for general corporate purposes and debt repayment.
- The notes are issued under the Base Indenture dated July 12, 2024, as supplemented by Supplemental Indenture No. 5, ranking pari passu with existing debt and structurally subordinated to subsidiary liabilities.
- Macquarie initiates coverage on Broadcom with an Outperform rating and a $420 price target, implying a 17% upside potential.
- Broadcom trades at a premium forward P/E of 53× versus 29.55× for the PHLX Semiconductor index.
- The VMware acquisition boosted operating profit margins from 62% to 66%, enhancing long-term margin stability and free cash flow quality.
- Broadcom holds >70% market share in the AI ASIC market, which is expected to grow at a 72% CAGR through 2028, and leads in Ethernet switching, routing, and SerDes IP.
- Broadcom entered into an underwriting agreement on July 7, 2025 to sell $6,000 million of unsecured, unsubordinated senior notes, comprising $1,750 million 4.600% notes due 2030, $1,750 million 4.900% notes due 2032 and $2,500 million 5.200% notes due 2035.
- The notes were registered under Form S-3ASR (File No. 333-280715) and issued pursuant to a prospectus supplement filed July 9, 2025, under the Base Indenture dated July 12, 2024, as supplemented on July 11, 2025.
- The 2030, 2032 and 2035 notes mature on July 15 of their respective years, rank equally with all of Broadcom’s existing and future unsecured indebtedness, are not guaranteed by subsidiaries and are structurally subordinated to subsidiary liabilities.
- Net proceeds, together with cash on hand, will be used to repay all outstanding obligations under Broadcom’s existing credit agreement.