Wolfe Research estimates Broadcom could see $200B in AI revenue by 2028

Broadcom has quietly positioned itself at the center of a massive AI infrastructure financing machine. Wolfe Research now thinks that bet could be worth up to $200 billion in revenue by 2028. The estimate stems from Broadcom’s involvement in XPV, a newly established AI infrastructure financing vehicle created in partnership with Apollo and Blackstone. The platform is designed to support over 20 gigawatts of compute capacity by 2028, with an initial focus on powering Anthropic’s AI ambitions. The math behind the mega-forecast Wolfe’s analysis, dated August 13, 2026, breaks the projection down with satisfying specificity. Of the 20-plus GW of planned capacity, roughly 14 GW could be tied to OpenAI and Anthropic. At a projected cost of $10 billion to $15 billion per gigawatt, that translates to $140 billion to $200 billion in potential revenue for Broadcom. To put that in perspective, Broadcom’s total consensus revenue for 2028 sits at around $245 billion. If the upper end of Wolfe’s AI estimate materializes, it would mean AI alone accounts for more than 80% of the company’s entire top line. This isn’t coming out of nowhere. Wolfe’s earlier analysis from January 30, 2026 projected Bro...