Broadcom projects AI revenue doublings through fiscal 2028 as Nvidia guides 70% growth from a wider base
$AVGO and $NVDA are both in focus after quarterly results that put the AI hardware boom on two different trajectories. Broadcom projected AI semiconductor revenue that doubles twice over by fiscal 2028, per Reuters…
Key takeaways
- Broadcom projected its AI semiconductor revenue would double twice by fiscal 2028, reaching roughly $58 billion in fiscal 2026, about $115 billion in fiscal 2027, and about $230 billion in fiscal 2028.
- Nvidia guided to approximately 70% total revenue growth by fiscal 2028 from a much larger base, describing that figure as supply-limited.
- Nvidia's quarter ended July 26, 2026 posted $96.2 billion in total revenue, up 106% year over year, with $89 billion from its data center segment.
- Broadcom's quarter ended Aug. 2 posted $29.6 billion in total revenue, up 86% year over year, with AI semiconductor sales of $16.7 billion, up 221% from a year earlier.
- Broadcom's AI revenue is concentrated in a smaller set of large custom-silicon customers, making it more exposed to a pullback than Nvidia's broader customer base.
$AVGO and $NVDA are both in focus after quarterly results that put the AI hardware boom on two different trajectories. Broadcom projected AI semiconductor revenue that doubles twice over by fiscal 2028, per Reuters reporting on company guidance. Nvidia, working from a far larger revenue base, guided roughly 70% total revenue growth by the same year.
The numbers in context
Nvidia, for the quarter ended July 26, 2026, reported total revenue of $96.2 billion, up 106% from a year earlier and 18% from the prior quarter. The data center segment drove nearly all of that print, coming in at $89 billion. Chief financial officer Colette Kress attributed the gain to two customer types: hyperscalers at $49 billion, up 13% quarter over quarter, and the ACIE segment covering industrial and enterprise customers at $40 billion, up 25%. Nvidia guided next-quarter revenue to roughly $108 billion, plus or minus 2%, and projected approximately 70% revenue growth by fiscal 2028. Management described that figure as supply-limited, meaning the company believes demand is outrunning what it can deliver.
Broadcom's quarter, ended Aug. 2, came in at $29.6 billion in total revenue, up 86% year over year. AI semiconductor sales reached $16.7 billion, more than half of Broadcom's total, growing 221% from a year earlier and 54% from the prior quarter. Management projected AI semiconductor revenue of roughly $58 billion for fiscal 2026, then approximately $115 billion in fiscal 2027 and $230 billion in fiscal 2028, according to Reuters. Those are Broadcom's own projections, not outside analyst estimates.
What the setup implies
Put the two forecasts side by side and Broadcom's is the more aggressive. Two consecutive doublings in AI semiconductor revenue sit well above Nvidia's roughly 70% fiscal 2028 growth estimate, and on a percentage basis the gap is wide.
The supply-side read is that Broadcom's AI revenue runs through a smaller set of large customers commissioning custom silicon at scale, per Reuters reporting. That structure can produce exceptional growth when those relationships hold. A pullback from one major buyer hits harder at Broadcom than at Nvidia, which sells across cloud providers, enterprises, start-ups, and government customers.
What to watch: Broadcom's fiscal 2026 AI semiconductor result, which the company projects at roughly $58 billion. That number is the first hard checkpoint on whether the doubling-twice trajectory holds.