ABOUT THIS EPISODE
Next quarter, Broadcom expects its AI chips alone to earn roughly what the entire company made a year ago. It was a record quarter by every measure — and it still landed as a letdown. This is why.
In this episode of What Changed, we take Broadcom's Q2 FY2026 numbers apart and find the rare thing hiding under a "disappointing" record: growth that's accelerating at ten-billion-dollars-a-quarter scale, and one very quiet signal from management that says more than any headline.
→ The three records — revenue, profit, free cash flow — and why they weren't the story
→ How AI-chip growth went from +106% to +143% to a guided +200%+, and why acceleration at this scale almost never happens
→ The "straight-A student" problem: how a great quarter disappoints a market priced for perfection
→ The buyback Broadcom didn't do — record cash flow, a fresh $10B authorization, and a 92% collapse in repurchases
→ Why "VMware is slowing" is a misread — and the real risk the acceleration can make you forget
→ Our conviction score: 8.0 out of 10, and the crucial difference between grading the business and grading the price
Every number is sourced directly from Broadcom's filings. Full research brief, charts and calculations at vyng.io
Full report here: https://www.vyng.io/reports/what-changed-broadcom-q2-earnings
VYNG research is editorial and informational — not investment advice. Our scores are editorial judgments, not recommendations.
#Broadcomearnings #AVGOstock #AIchips #customAIaccelerators,#VMware #semiconductors #HockTan #AIinfrastructure #sharebuybacks #equityresearch #earningsbreakdown #VYNG #WhatChanged
