Tan: Broadcom FY27/FY28 AI semi targets unchanged
On CNBC Mad Money, Hock Tan said Anthropic pacing chatter has not changed Broadcom's $115bn FY27 / $230bn FY28 AI semi forecasts; demand "very durable."
Opening
Broadcom's AI semiconductor forecasts are unchanged — Tan says pacing chatter has not moved them. CNBC reports that Broadcom CEO Hock Tan, interviewed Monday on Mad Money, said nothing in the AI slowdown debate has led him to reconsider fiscal 2027 and 2028 AI semiconductor forecasts. Asked whether the debate changed those forecasts, Tan answered: "No, not in the least." He said demand for compute infrastructure for frontier models and for inference is "continuing to be very strong and, I believe, very durable." (CNBC)
The numbers
$115bn AI semi revenue forecast for FY27; $230bn for FY28 — restated from Broadcom's Sept. 2 earnings call and reaffirmed by Tan on CNBC amid Monday's AI-infra selloff.
Anthropic on track as Broadcom's largest custom customer in 2027–2028 (Tan, per CNBC) — Google has historically been the largest custom customer via TPUs; marks Anthropic sensitivity for Broadcom holders.
Broadcom shares −4.8% Monday; iShares Semiconductor ETF −5.6% (CNBC) — tape context around Amodei's pacing essay; price action, not a demand print.
Why it matters
A principal with custom-accelerator exposure is separating safety/governance talk from infrastructure order books. Tan is more emphatic on inference productization than on training — a direct read against the idea that a "slowdown" equals a sequential hyperscaler or ASIC capex cut.
Positioning
AI capex durability — operator path still defended. Tan's "not in the least" and durable-demand language, if borne out in bookings, is consistent with sustained multi-year build; a sequential guide-down from a top customer or Broadcom itself would be the break condition.
Connects to
Pacing as reallocation, not demand destruction — Baker's mechanism claim that pacing reallocates compute rather than kills spend; Tan is the customer-side ASIC voice saying targets hold (discussion).
Operator numbers vs cycle-end tape — overnight discussion weighting Tan's FY27/FY28 path over weekly end-of-cycle takes (discussion).
The Open/Close · Research commentary, not investment advice. Positions may be held in securities mentioned.