Broadcom just reminded everyone why the AI trade isn’t done yet. The semiconductor giant saw its stock climb roughly 5-6% on June 2, hitting record highs as investors positioned themselves ahead of a fiscal Q2 earnings report that turned out to be genuinely impressive.

The catalyst wasn’t just internal hype. Alphabet’s announcement of an $80 billion AI infrastructure investment plan sent a clear signal: the biggest players in tech are still writing very large checks for AI hardware. And Broadcom, as a key supplier of custom AI chips to those very companies, stands to cash many of them.

The numbers behind the rally

When Broadcom reported earnings on June 3, the results backed up the optimism. AI semiconductor revenue hit $10.8 billion for the quarter, a 143% increase year-over-year. Total consolidated revenue reached a record $22.19 billion.

The stock did retrace after the report, though. The reason: Broadcom kept its full-year AI revenue guidance unchanged. Wall Street wanted more.

Broadcom is now targeting over $100 billion in cumulative AI semiconductor revenue through fiscal 2027. The company’s collaboration with OpenAI involves deploying 10 gigawatts of custom AI accelerators starting in the second half of 2026 through 2029.

Beyond OpenAI, Broadcom counts Google, Meta, and Anthropic among its strategic partners. These represent committed demand from companies that are collectively spending hundreds of billions on AI buildout.

Where crypto enters the picture

Broadcom stock is now accessible through tokenized products that let investors trade exposure to AVGO on crypto rails. AVGOx, issued through Backed Finance, and AVGOON, available via Ondo Finance, both represent tokenized versions of Broadcom equity. They allow blockchain-native traders to gain exposure to the stock without touching a traditional brokerage account.

Tokenized equities trade in a continuous environment, meaning no market hours, no settlement delays, and composability with DeFi protocols. The risk, as always with tokenized equities, sits in the wrapper. These products carry counterparty risk from the issuer, regulatory uncertainty in multiple jurisdictions, and liquidity that’s still a fraction of what the underlying stock trades on Nasdaq.

Ondo Finance has been aggressive in this space, pushing tokenized treasuries and equities as a bridge between TradFi and DeFi.

What this means for investors

The $100 billion cumulative AI revenue target through fiscal 2027 gives investors a concrete benchmark to measure against. The competitive landscape also warrants attention. Nvidia remains the dominant force in AI chips, and custom silicon efforts from Amazon, Microsoft, and Google could eventually reduce reliance on external suppliers like Broadcom. But the sheer volume of current commitments, including that 10-gigawatt OpenAI deployment, suggests Broadcom’s order book is secure for the near term.