Cramer Warns Broadcom's $30 Billion AI Bet Depends on a Stock You Cannot Buy

Key Points:

• Broadcom reported a strong Q3 FY2026 with AI semiconductor revenue of $16.7 billion, up 221% year over year, and forecasted AI revenue to reach $115 billion in FY2027 and $230 billion in FY2028, but its stock fell 4% following the announcement.
• The company’s AI growth heavily depends on Anthropic, a private AI lab expected to be Broadcom’s largest AI chip customer by 2027, deploying significant gigawatt commitments through 2028, which poses a risk as Anthropic is not publicly investable.
• NVIDIA, by contrast, benefits from a more diversified AI customer base including OpenAI and Anthropic, leading to a 2% stock rise amid Broadcom’s selloff, reflecting investor preference for less concentrated exposure.
• Anthropic’s recent disclosure of fraudulent use of its AI models introduces additional risks for its potential IPO, which is seen as a critical event to validate Broadcom’s optimistic AI revenue projections.
• Investors in Broadcom should watch for an Anthropic IPO filing and Broadcom’s Q4 FY2026 report on December 9 for updates on customer demand, as Broadcom’s AI growth outlook is closely tied to Anthropic’s success.