TLDR
- Nvidia posted $215.9 billion in revenue for fiscal 2026, up 65% year over year
- Broadcom generated $63.9 billion in revenue in fiscal 2025, with a split between chips and software
- Nvidia’s Data Center revenue alone hit $193.7 billion
- Broadcom’s AI semiconductor revenue rose 74% year over year in Q4 fiscal 2025
- Wall Street is bullish on both, but Nvidia holds the stronger analyst consensus
Both Nvidia and Broadcom are riding the AI wave, but they are doing it in very different ways. One is the undisputed leader in AI chips. The other is quietly building a broader infrastructure business. Here is what the numbers say.
Nvidia’s Numbers Are Hard to Ignore
Nvidia reported $215.9 billion in revenue for fiscal 2026, a 65% jump year over year. GAAP gross margin came in at 71.1%, operating income hit $130.4 billion, and net income reached $120.1 billion.
Data Center revenue alone was $193.7 billion. That shows just how much of Nvidia’s business is now driven by AI infrastructure spending.
Nvidia is not just selling graphics cards. It sells accelerated compute, networking hardware, and software tools that companies use to build and run AI systems.
That full-stack approach has helped Nvidia build a strong business position that goes beyond chip performance. It also supports unusually high profit margins for a hardware company.
The main risk is concentration. Almost all of Nvidia’s revenue is tied to one big spending cycle. A slowdown in hyperscaler demand or a policy disruption could hit the company hard.
Broadcom Is Playing a Longer Game
Broadcom took a different route. Its fiscal 2025 revenue came in at around $63.9 billion. That included $36.9 billion from semiconductor solutions and $27.0 billion from infrastructure software.
That software side of the business — shaped heavily by the VMware acquisition — gives Broadcom a more balanced model than Nvidia.
On the AI side, Broadcom’s revenue growth is coming from custom chips and Ethernet networking gear. AI semiconductor revenue rose 74% year over year in Q4 fiscal 2025.
Management projected $8.2 billion in AI semiconductor revenue for Q1 fiscal 2026. That growth is being driven by custom accelerators and Ethernet switches used in large AI data centers.
Operating cash flow came in at around $27.5 billion, with free cash flow close behind at $26.9 billion.
The main risk for Broadcom is that its AI story is smaller and more tied to specific customers. The stock already prices in a lot of good news on both AI and software.
What Analysts Think
According to MarketBeat, Nvidia holds a Buy consensus from 53 analysts. That includes 47 Buy ratings and 4 Strong Buy ratings, with no sell ratings.
Broadcom holds a Moderate Buy consensus from 33 analysts. There are 29 Buy ratings and 1 Strong Buy, again with no sells.
Both are well-regarded on Wall Street. Nvidia simply has a stronger and wider base of analyst support right now.
Final Thoughts
Nvidia is the bigger, faster-growing business with tighter control over the most valuable part of AI computing. Broadcom offers more balance, with custom silicon, networking, and software all contributing to its AI story. Broadcom’s Q1 fiscal 2026 AI semiconductor revenue projection of $8.2 billion is the most recent data point in this ongoing comparison.
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