Broadcom earnings call. Best hand-picked excerpts: “This was our Q3 AI semiconductor revenue, which grew 221% year on year and up 54% sequentially.” “Demand was simply hot and we're just getting started. Our six XPU customers are accelerating their adoption of custom accelerators and AI semiconductor revenue." TPU v8i “is comparable, if not surpasses the Vera Rubin GPU.” “Broadcom is now shipping the TPU version eight ahead of the Mediatek version” “In Q3, we also shipped Jalapeno OpenAI first generation custom accelerator, which outperforms Grace Blackwell's GPU for inference workloads.” On Google TPUs: “We are planning to deliver multi tens of billions of dollars of TPUs annually over the next several years. We expect this growing demand in 28 and 29 to be fulfilled through successive generations of the increasingly complex TPUs.” “We expect Anthropic to deploy another five gigawatts of TPU version eight in 2027. And in 2028, we have clear line of sight to deliver another and incremental ten gigawatts even as we expect Google to grow for us.” “Anthropic is on track to become our largest XPU customer in 2027.” “OpenAI .. on track for the planned deployment of 1.3GW in 2027 .. we have a line of sight for OpenAI to deploy over five gigawatts of Jalapeno and its successors [in 2028] .. would make OpenAI our second largest .. customer” "Here is our outlook for our AI semiconductor revenue. In 2027, we have secured the supply to again double AI revenue to approximately $115 billion. Our demand actually exceeds this outlook and we will work to improve supply. In 2028, we expect the trajectory of growth to continue. We have line of sight for fiscal 2028 a semiconductor revenue growth to again double to $230 billion. Here again, we have secured the supply to meet this outlook.” “As a result, I got to say, we are very much on target to exceed $30 in earnings per share in fiscal 2028.” OpenAI and Anthropic: “They are using cloud services third party services to deploy their models. Long term, we see these guys to be no different from a hyperscaler and will run their own data centers and be first party to offer generative AI APIs .. models to the world. So we see that happening. It's not speculation. It's actually happening. And we are in the midst of enabling that” Net-net: Looks like Jensen secured the HBM for 2027! Broadcom's 2027 AI revenue guidance is disappointing relative to buyside bogeys, but the 2028 outlook is strong. That said, you have to discount a two year out guide.