Broadcom’s second-quarter revenue misses estimates as competition bites

Broadcom missed Wall Street expectations for second-quarter revenue on Wednesday, as increased competition in the custom semiconductor market hurt gains from its AI chips, sending its shares down more than 11% in extended trading.

Second-quarter revenue came in at $22.19 billion, missing estimates of $22.27 billion, as Broadcom races with Nvidia whose dominant graphics processing units remain the ‌industry standard ⁠for AI ⁠workloads.