보도에 따르면 Anthropic과 Broadcom 간 630억 달러 규모의 대형 맞춤형 실리콘 및 AI 컴퓨팅 계약이 체결된 것으로 전해졌다. 다만 해당 내용은 24/7 Wall St. 논평 기사에 기반하고 있어, 계약의 구체적인 조건은 확인되지 않았다.

A $63 billion financing deal has given Broadcom a funded customer for its most ambitious revenue forecast yet, but Wall Street is still waiting to see whether the chipmaker can deliver before it prices any of that in.

Broadcom (NASDAQ: AVGO) trades at $345. A new $63 billion financing structure that pays for Anthropic's Broadcom chips gives the stock a concrete catalyst after a year of trailing the market.

Broadcom designs custom AI accelerators (XPUs), Ethernet networking chips and VMware-based infrastructure software. Its Semiconductor Solutions segment produced 70% of revenue last quarter, and AI semiconductor revenue reached $16.70 billion, up 221% year over year.

The shares have fallen behind that growth. The stock sat at $495 around the fiscal second-quarter report and has since slid back to roughly where it started the year. Four Wall Street banks and asset managers then announced a special-purpose financing vehicle to fund Anthropic's lease of Broadcom XPUs, according to deal coverage.

**Anthropic Turns a $115 Billion Forecast Into Funded Demand**

Management expects fiscal 2027 AI semiconductor revenue to roughly double to $115 billion, followed by $230 billion in fiscal 2028, with EPS above $30. On the last earnings call, Hock Tan said, "Anthropic is on track to become our largest XPU customer in 2027." Broadcom expects Anthropic to use 5 gigawatts next year. (All of that capacity still has to be powered and cooled by someone, and the original article points readers to a free AI infrastructure report covering seven suppliers doing exactly that.) The new financing addresses the biggest doubt: whether a fast-growing AI lab can pay for that capacity.

The valuation supports the optimistic case. Broadcom trades at 18x forward earnings compared with 45x trailing, with a PEG ratio of 0.339. Morningstar (NASDAQ: MORN) said the Anthropic deal lines up with its bullish forecast.

**Six Customers and Open-Ended Guarantees Raise the Stakes**

The entire forecast depends on six XPU customers. Two of them, Anthropic and OpenAI, needed financing vehicles to buy chips. The CFO said Broadcom "may provide modest residual value guarantees," and management has named no cap on future guarantee exposure. Gross margin is also heading toward roughly 73% as the mix shifts toward XPUs and memory.

Timing is another risk. Revenue arrives only once land, power and data-center buildings are ready. Total liabilities stand at $88.458 billion, and a beta of 1.476 means any slip in the ramp could hit the shares hard.

**Next Year's Guidance Could Settle the Debate**

Patient investors have a case too. The stock trades below its 50-day average of $354.48 and its 200-day average of $367.79, so the market still wants proof. The next earnings report should show whether Broadcom hit its $21.70 billion AI guidance and how strongly it supports the fiscal 2027 outlook.

**Wall Street Sees Over 50% Upside While Shares Trail the S&P 500**

At $345, Broadcom sits well below the consensus target of $530.14, which implies about 53.7% upside. Price targets carry uncertainty. Of the 50 analysts covering the stock, the ratings break down as follows:

- Strong Buy: 7

- Buy: 40

- Hold: 3

- Sell: 0

Broadcom is up 0.23% year to date, while the S&P 500 has gained 12.84%. Over the past year, the stock is down 9.96%, against an 11.94% gain for the index.

**Broadcom's Funded Demand Meets a Discounted Price**

At $345, Broadcom's upside depends on execution and valuation.

Over the coming six months, the path runs through Broadcom delivering on its Q4 guidance and then confirming fiscal 2027 guidance near $115 billion. Tan said, "Our demand actually exceeds this outlook," and Broadcom has nine straight EPS beats behind it.

At this price, investors pay a forward multiple of 18x for AI revenue growing in triple digits. The stock sits much closer to its 52-week low of $288.95 than to its $493.28 high, which leans the risk/reward toward the upside.

The outlook falls apart if fiscal 2027 guidance comes in short, if Anthropic deployments slip, or if Broadcom takes on large residual value guarantees. Investors should watch all three closely.

Anthropic now has the funding to become Broadcom's biggest customer, and the market has yet to price that in.

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