Episode Details

Broadcom Inc.’s Q2 FY2026 was a paradox: AI chip demand looked “insatiable,” but investors sold the stock on margin, inventory, and “chips only” complexity.

In this episode:

- AI semis hit $10.8B; Q3 guide jumps to $16B.

- Inventory rose 46% as Broadcom secured AI supply.

- Gross margin guide falls, operating margin stays near 67%.

- “No rack. It’s all chips” meets Apollo/Blackstone financing.

- Stock slid despite a 29% run into earnings.

Susie and Miro unpack why bookings above $30B matter, why working capital is now part of the AI story, and why the market may be asking for cleaner economics after a huge ramp. The big watch: whether Broadcom converts demand into shipments and cash without new balance-sheet ambiguity.

Company: Broadcom Inc. (AVGO) | Q2 FY2026

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