Broadcom Joins the $1 Trillion Club

Thanks to better than expected earnings in its most recent financial quarter, chipmaker Broadcom is now worth over $1 trillion for the first time.

Broadcom reported a net income of $4.3 billion on revenues of $14 billion in the quarter ending November 3. Those figures represent gains of 800 percent and 51 percent, respectively, year-over-year (YOY). It was also the end of the company’s fiscal year, for which it reported a net income of $5.9 billion on revenues of $51.6 billion (up 44 percent YOY).

“Broadcom’s fiscal year 2024 revenue grew 44 percent year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware,” Broadcom president and CEO Hock Tan said. “Semiconductor revenue was a record $30.1 billion, driven by AI revenue of $12.2 billion. AI revenue, which grew 220 percent year-on-year, was driven by our leading AI XPUs and Ethernet networking portfolio.”

That latter bit–and Broadcom’s highly positive guidance for the current quarter–no doubt played a major role in the company’s market capitalization and stock price surge: As of this writing, Broadcom has a market cap of $1.01 trillion, its highest-ever valuation.