Broadcom delivered record Q2 results with 48% YoY revenue growth and 143% YoY AI semiconductor revenue growth, yet shares dropped over 20% post-earnings. AVGO secured multi-year, multi-generation AI silicon and networking agreements with GOOGL, META, Anthropic, and OpenAI, providing order visibility through 2028. Management guided for Q3 AI semiconductor revenue of $16B and reiterated $100B+ AI revenue for FY27, with forward P/E dropping to 15x 2028 earnings.