How Broadcom Built a $10 Billion AI Business Without Selling Off-the-Shelf Chips

Broadcom made $10 billion from AI chips in 2024 — mostly custom-built circuits for tech giants and networking hardware linking data-center processors. Unlike GPU makers selling standard products, Broadcom designs bespoke chips for long-term partners. Once a customer commits, the deal sticks, and revenue becomes predictable. That's harder for rivals to compete with.