Broadcom closed 357.90 on 4 September, down 3.0 percent on the five-day window. The 8-K for the quarter ended 2 August had already gone out after the 2 September close: group revenue 29.591 billion dollars, up 86 percent from 15.952 billion. The next session closed 357.16, down 2.7 percent from 367.24. That is a share after a print. It is not the part.
The win lasts a rack generation. The GPU does not.
Exhibit 99.1 split the book. Semiconductor solutions 20.839 billion dollars, 70 percent of revenue, up 127 percent from 9.166 billion. Infrastructure software 8.752 billion, 30 percent, up 29 percent from 6.786 billion. Inside the silicon line the issuer put AI semiconductor revenue at 16.7 billion dollars, up 221 percent year-on-year and 54 percent sequential. The residual silicon is the old franchise. This page is the 16.7.
Fourth-quarter guidance in the same exhibit is approximately 34.8 billion dollars of group revenue, up 93 percent, with non-GAAP operating income called at about 66 percent of that. The same release called fourth-quarter AI semiconductor revenue at 21.7 billion dollars, up 236 percent. It is the next quarter of a booked generation.
A merchant GPU is a catalog part. It is designed once, sold to anyone who will pay, and replaced when the next SKU clears. The customer's switching cost is a board spin and a software stack that the seller also ships. The cycle is the seller's. When the next GPU arrives, last year's card is last year's card.
Custom silicon is a design-win. The customer and the vendor write a part for one workload, one rack, one thermal and networking envelope. Qualification is the product. Once that part is in the rack, the next generation is usually the same relationship, because the alternative is a new vendor, a new bring-up, and a new software path through a hall that is already wired. A rack generation is measured in years. A GPU SKU is measured in a shipping season. The memory stack already has a page. The turbine already has a page. This page is the win.
The 2 September call, issuer language, not an Analytics24 series, put XPU shipments up more than 3.5 times year-on-year and at 73 percent of AI revenue in the quarter. AI networking was up more than 2.5 times. That mix is the design-win printing. Networking is the fabric around it. Neither line is a merchant GPU average selling price.
The same call described a ladder, not a SKU. TPU version 7 in high volume to Google and Anthropic. Production shipments of TPU version 8i begun. A first-generation custom accelerator shipped to OpenAI. Production of a Meta MTIA part, inference and recommendation, expected. Those are generations on a win. They are not a catalog refresh. The call also put fiscal 2027 AI semiconductor revenue at about 115 billion dollars and fiscal 2028 at 230 billion, with supply described as secured. Treat that as duration language, not as a booked invoice.
Friday 4 September Technology was down 1.51 percent. The S&P 500 closed 7,718.6, down 0.38 percent, with 42 percent advancing. The Nasdaq 100 closed 29,544.2, up 0.21 percent. A mixed average can hide a split. A 3.0 percent five-day decline after an 86 percent revenue print can hide it twice. The 8-K was custom accelerators and networking. The share is a multiple. They are not one object.
Concentration is the product and the risk. A short list of model labs and cloud buyers is who a design-win is for. If those buyers pause together, the win is still a win until the next spin is cancelled. If one of them is large enough, the win is also a customer. Software remaining 30 percent of the print is a different ledger. Do not flatten it into the silicon line, and do not use it as a GPU hedge.
The 2 September 8-K printed AI semiconductor revenue of 16.7 billion dollars inside semiconductor solutions of 20.839 billion. Broadcom closed 357.90 on 4 September, down 3.0 percent on five days. The grade is the next Exhibit 99.1, and whether the custom line is still the object. A GPU session does not spend a rack generation.
The design-win is the product. The GPU is someone else's cycle.