Broadcom‘s Rise Signals Potential Competition for Nvidia

Strong quarterly results from Broadcom could signal strong competition for AI heavyweight Nvidia.

Broadcom (Avgo) last week reported record quarterly sales that showed strong demand for its AI offerings and introduced a big new mystery customer reports suggested could be ChatGPT maker OpenAI. Citi analysts said the results and growing commitments from buyers-many which are also Nvidia (NVDA) customers-could suggest an estimated $12 billion hit to Nvidia’s 2026 sales.

Citi analysts on Monday maintained a “buy” rating on Nvidia stock but trimmed their target price to $200 from $210, citing concerns about threats to Nvidia’s dominance after Broadcom (Avgo) said last week it expects demand from major Big Tech clients to shift in favor of its custom AI chips, po