TMTB: AVGO First Take

Post-close, AVGO +9% guide much better than feared as they guided to $14.6B vs whispers of $14B. EBITDA guide also beat at $9.64B vs street at $9.3B (EBITDA margin of 66% vs street at 63%). NonAI chip rev will be down in Q1. Sees FY 24 AI revenue of $12.2B. Bulls will be happy to get this q out of the way without damage as focus begins to shift to 2H’25 TPU ramp then 2026 being a potential big year with AAPL and OpenAI potentially ramping (stock rallying as they said on the call they expect rev from new customers before 2027 and has two additional hyperscale customers for AI chips). Stock breaking out to new highs in the post…Call still ongoing…