Broadcom Beats Estimates, Stock Falls 5% on AI Backlog Disappointment

• Broadcom's Q4 earnings and Q1 guidance exceeded estimates, but its stock fell 5% post-market.
• Q4 revenue was $18.02 billion (vs. $17.49B est.) and EPS was $1.95 (vs. $1.86 est.); Q1 revenue projected at $19.1 billion (vs. $18.3B est.).
• The stock drop was attributed to investor disappointment over a $73 billion AI product order backlog (seen as too low) and narrowing margins from AI sales.
• CEO Hock Tan stated the $73 billion backlog was a "minimum" and declined to give a 2026 AI revenue forecast due to its "moving target" nature.
• Broadcom received an $11 billion order from Anthropic in Q4 and another $1 billion order from an unnamed customer.

Why It Matters: Broadcom's stock fall highlights investor concerns about AI growth and profit margins.