Investment Rating - The report maintains a recommendation for Broadcom (AVGO.O) [6] Core Views - Broadcom achieved a record revenue of $15.004 billion in FY2025Q2, representing a 20% year-over-year increase and a 1% quarter-over-quarter increase, driven by strong AI semiconductor business and VMware's growth momentum [1][13] - The company expects FY2025Q3 revenue to be approximately $15.8 billion, with a year-over-year growth of 21% and a quarter-over-quarter growth of 5%, anticipating AI revenue to grow by 60% year-over-year [3][22] Revenue Performance - FY2025Q2 revenue reached $15.004 billion, with a gross margin of 79.4%, exceeding previous guidance [1][18] - Semiconductor revenue was $8.4 billion, accounting for 56% of total revenue, with a year-over-year growth of 17% [2][18] - Infrastructure software revenue was $6.6 billion, representing 44% of total revenue, with a year-over-year growth of 25% [2][18] AI Business Growth - AI semiconductor revenue exceeded $4.4 billion, showing a year-over-year growth of 46%, continuing a strong growth trend for nine consecutive quarters [2][14] - The company is supporting three major clients and four potential clients in deploying custom AI accelerators, with expectations of significant deployments by 2027 [4][15] Guidance and Future Outlook - The guidance for FY2025Q3 includes semiconductor revenue of $9.1 billion, with AI revenue expected to be $5.1 billion, reflecting a 60% year-over-year growth [3][22] - The company anticipates continued growth in ASICs through FY2026, with the release of the Tomahawk6 switch chip providing significant bandwidth capabilities [3][4] Financial Metrics - Adjusted EBITDA for FY2025Q2 was $10 billion, representing 67% of revenue, higher than the previous guidance [19] - Free cash flow for the quarter was $6.4 billion, accounting for 43% of revenue [19][21]