A July 3, 2026, market analysis questions the sustainability of Broadcom’s current valuation. The report disputes the consensus target of $115 billion in free cash flow by fiscal year 2028.
Google generates approximately 95% of Broadcom’s total TPU revenue. Analysts warn that losing this concentrated market share poses a significant financial threat.
Revised projections estimate fiscal year 2028 free cash flow between $67 billion and $83 billion. The analysis suggests a fair market capitalization of $1.0 trillion to $1.2 trillion.
Broadcom’s current market capitalization remains near $1.7 trillion. Markets showed no immediate reaction to the report's findings.