Broadcom Forecasts Stronger Second-Quarter Revenue Amid AI Growth Chipmaker Broadcom (AVGO-Q) reported that its second-quarter revenue exceeded Wall Street expectations, signaling robust demand for advanced semiconductors used in data centers supporting artificial intelligence applications. The company also announced a new share repurchase program of up to $10 billion by year-end. CEO Hock Tan highlighted the company’s AI revenue growth, stating, “Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7 billion in Q2.” Broadcom’s projected quarterly revenue of approximately $22.0 billion surpassed analysts’ average estimate of $20.56 billion, according to data from LSEG. The company previously outlined plans to sell at least 1 million chips by 2027 using its stacked design technology, a target that could generate billions in revenue. However, growth in its infrastructure software segment slowed to 1% in the first quarter, falling short of analysts’ expectations of 2.6% growth to $6.88 billion. Shares of Broadcom rose 3.8% in extended trading following the announcement. Canadian Crude Oil Discount Narrows Amid Iran Conflict The price gap between heavy Canadian crude oil and U.S. benchmark WTI crude has narrowed significantly as geopolitical tensions disrupt Middle Eastern oil supplies. Analysts noted that the discount for heavy Canadian crude has tightened by $1.25 per barrel since last Friday, driven by increased demand from India and China amid Middle Eastern supply shortages. The Trans Mountain pipeline, which transports heavy crude from Alberta’s oil sands to British Columbia for export, is currently operating below full capacity.#broadcom #hock_tan #lseg #ai_revenue #tsx_composite
