The growth in AI is helping offset a cyclical slowdown in other areas of its business. Semiconductor revenue not associated with AI fell 9% year over year, which Broadcom attributed to a seasonal decline in wireless sales and a bottoming out in broadband sales.

The Broadcom stock price has crashed in the past few days as the market remains concerned about the artificial intelligence (AI) industry. AVGO shares plummeted to a low of $200 on Friday, down by over 20% from its highest level this year,