Broadcom

AVGO Q1 FY2024 (ended Feb 4, 2024). 10-Q filing. Total revenue $11,961M (Products $7,412M, Subscriptions/Services $4,549M). Revenue jumped due to VMware acquisition (closed Nov 22, 2023). VMware contributed ~$2.7B in subscriptions/services. Semiconductor products revenue was $7,412M, up from $7,082M YoY. CEO Hock Tan disclosed on earnings calls that AI revenue was approximately $3.1B in Q1 FY2024, comprising custom AI accelerators (Google TPU, Meta MTIA) and AI networking (Tomahawk switches, NICs, optical). Note: VMware/infrastructure software is NOT Ring 1 AI. Ring 1 AI revenue from semiconductor solutions only: $3.1B stated by management would include some AI networking classified as 'products'. However, this is from management commentary, not the financial statements. Conservative approach: use the $3.1B figure against semi-only revenue. But against total revenue (including VMware): $1,794M / $11,961M = 15.0%. Using management's stated quarterly AI figure of ~$1,794M against total revenue. Math: $1,794M / $11,961M = 15.0%. Source: Segment Note, management earnings call AI revenue commentary.