Dear AVGO Stock Fans, Mark Your Calendars for December 11

Core Insights - Broadcom is experiencing significant momentum ahead of its fiscal Q4 earnings report, driven by strong AI demand and industry-leading profitability [1] - The stock has risen 64.5% year-to-date, with analysts predicting a potential upside of around 40% [1] Financial Performance - Broadcom reported a record $16 billion in fiscal Q3 revenue, reflecting a 22% year-over-year growth, primarily fueled by AI semiconductor performance and VMware strength [2] - The semiconductor segment generated $9.2 billion in Q3 revenue, marking a 26% year-over-year growth, with AI semiconductor revenue reaching $5.2 billion, up 63% year-over-year [3] - The infrastructure software division, bolstered by the VMware acquisition, achieved $6.8 billion in Q3 revenue, a 17% year-over-year increase, with a gross margin of 93% [4] Backlog and Future Growth - Broadcom ended Q3 with a substantial $110 billion consolidated backlog, indicating high bookings driven by AI infrastructure spending [4] - CEO Hock Tan noted that semiconductors constitute at least half of the backlog, predominantly related to AI, while software and non-AI semiconductors are also growing steadily [5] XPU Business Expansion - The XPU business is a key growth driver, accounting for 65% of total AI revenue, with a new fourth customer expected to significantly impact growth in 2026 after placing over $10 billion in orders [6] - This new customer is anticipated to begin shipping products strongly at the start of 2026, contributing to Broadcom's growth trajectory [6]