Bloomberg Intelligence Broadcom Slides by Most in More Than a Year on AI Outlook Miss
12 snips
Jun 4, 2026 
Mandeep Singh, Bloomberg Intelligence tech research head, breaks down Broadcom’s cautious AI chip guidance. Bailey Lipschultz, Bloomberg equities reporter, walks through SpaceX’s IPO roadshow plans and pricing. Gene Munster, Deepwater Asset Management managing partner, frames SpaceX as a long-term, vertically integrated AI and space play. They discuss market reactions, valuation questions, and SpaceX’s capital needs and vision.
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Broadcom Growth Despite Conservative Guidance
- Broadcom under Hock Tan is deliberately measured, preferring grounded, unit-based language over hype.
- Mandeep Singh notes Broadcom is growing top line over 60% and expects that to continue for 2–3 years, despite conservative guidance.
Anthropic Backlog Didn't Translate Into Bigger Guidance
- Investors expected Broadcom to lift guidance after Anthropic's $200B TPU backlog, but the company stayed cautious.
- Mandeep explains Broadcom has six XPU customers and plans up to 10 gigawatts by 2027, so Anthropic's contract didn't immediately spike guidance.
Coding Agents Drive Incremental AI Spend
- CrowdStrike disappointed because its AI messaging didn't emphasize coding agents, the current incremental spend driver.
- Mandeep notes ~80% of incremental AI spend is going to coding agents, which CrowdStrike didn't prioritize in guidance.