Broadcom shares spike briefly on Q4 beat

AI Semiconductor Business - Broadcom's AI business is strong, considered the number two AI stock after Nvidia, consistently delivering results [1] - Q4 AI semiconductor revenue is expected to accelerate to $62 billion [4] - The AI business grew 60% this year, with numbers in the quarter and guidance suggesting it may exceed that [6] - Custom compute chips (e.g., for Google) and networking contribute to AI revenue [5] VMware and Software Performance - VMware's infrastructure software had a strong quarter [1] - Growth in VMware has been spectacular due to repricing and model changes [3] - Software numbers look good, though the breakout between VMware and legacy is pending [3] Overall Financial Assessment - The quarter was fine, with guidance exceeding expectations at $62 billion [2] - Non-AI semiconductor business was approximately $4 billion in the quarter [8] - The non-AI semi business is currently weak, bumping along the bottom, but AI growth is the focus [8] Market Outlook - The stock's valuation is elevated, potentially leading to a digestion period [3][4] - Street numbers model little to no growth in the non-AI semi business, which may be overly pessimistic [9] - The non-AI networking business has been cyclically weak, potentially offering upside in the future [9][10]