Public Event Detail
AI giant Broadcom sheds $300bn in market value as outlook misses sky-high expectations
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Event summary
Broadcom's stock dropped over 12% in after-hours trading, wiping out more than $300 billion in market value, despite reporting exceptional second-quarter results with revenue climbing 48% and AI chip sales more than doubling. The decline occurred because the company did not raise its long-term AI revenue target and its third-quarter AI chip outlook fell short of Wall Street's most aggressive forecasts. CEO Hock Tan confirmed an "insatiable" AI demand, guiding for significant year-on-year growth and raising the full-year AI semiconductor revenue forecast to $56 billion.