Token Prices Are Falling Faster Than Demand, Goldman Warns On The Broad AI De-Rating

The AI Trade Just Ran Into Its Unit-Economics Problem

Amid all the optimism around Broadcom's outlook (which did nothing to help the stock, down 5% today)...

On Goldman's research side, Jim Schneider reiterates Buy on Broadcom after management guided AI semi revenue to double to $115bn in FY27 (10GW of datacenter deployments) and double again to $230bn (20GW), naming Anthropic as its largest FY27 customer with OpenAI and Meta "material" in FY28 — a note that pre-emptively waves away the two biggest bear points (Google diversification, margin dilution).