Buy AVGO by Jun 5, 2026.

Broadcom reported Q1 FY2026 earnings on March 4. Here's what stood out and why I think it's worth analyzing carefully, separate from the standard NVDA/AMD conversation. The numbers: $19.3B revenue (+29% YoY), $8.4B AI semiconductor revenue (+106% YoY), $13.1B adjusted EBITDA (68% margin), $8.0B free cash flow. Q2 guidance: $22B revenue (+47%), $10.7B AI semiconductor revenue (+140% YoY). What's actually going on here: Broadcom's AI business is almost entirely custom silicon, chips designed for a specific customer's specific workload. Google's …