Broadcom designs and supplies semiconductor and infrastructure software solutions, spanning networking chips, custom AI accelerators (ASICs), broadband, storage, and enterprise software (e.g., VMware).
Qualcomm designs and licenses semiconductors and wireless technology, best known for Snapdragon mobile chips and foundational CDMA/5G patents.
The Verdict: Broadcom vs Qualcomm
Broadcom is now the much larger and faster-growing company. Its fiscal Q3 2026 revenue was $29.6 billion, up 86%, with $16.7 billion from AI chips. Qualcomm's full fiscal 2026 revenue was $43.1 billion, down 3%. Broadcom sells custom AI accelerators, Ethernet networking chips, and VMware software to hyperscalers and enterprises. Qualcomm sells Snapdragon chips for phones, cars, and IoT devices and licenses its wireless patents.
On Nov 6, 2026, companiesmarketcap.com put Broadcom's market value at about $1.40 trillion and Qualcomm's at about $177 billion, roughly 8 times apart. Their fiscal years do not line up: Broadcom's FY2025 ended November 2, 2025, and Qualcomm's FY2026 ended September 27, 2026, so every revenue comparison below is labeled by period.
Where they compete
Less than the "AI chip stock" label suggests. Broadcom's AI products, in its own words, are "custom accelerators or XPUs, Ethernet switching and routing silicon, Ethernet NICs" and related optical parts, sold into hyperscaler data centers. Qualcomm is only now moving toward that market. It agreed to buy Alphawave IP Group, a maker of high-speed wired connectivity chips, for $2.4 billion in June 2025, per Bloomberg. Its CEO says "Fiscal 2027 marks the start of our non-handset revenue inflection, including the ramp of our Data Center business." For Broadcom, data center AI is already a business worth $16.7 billion a quarter. For Qualcomm, it is a plan.
Where they differ
Customers. Broadcom says its top five end customers accounted for about 40% of net revenue in fiscal 2025, which means a handful of hyperscaler programs drive the business. Qualcomm depends on phone makers: Apple and Samsung each made up 10% or more of its fiscal 2026 revenue.
Growth. Broadcom guided fiscal Q4 2026 revenue to about $34.8 billion, up 93%, with AI semiconductor revenue of $21.7 billion, up 236%. Qualcomm's handset revenue fell 13% to $24.1 billion in fiscal 2026. Automotive grew 52% to $6.0 billion and IoT grew 8% to $7.1 billion, but that did not offset the phone decline.
Business model. Infrastructure software, the segment that includes VMware (acquired November 22, 2023), was $27.0 billion of Broadcom's $63.9 billion FY2025 revenue, about 42%. Qualcomm's second engine is patent licensing (QTL), which was flat at $5.6 billion.
Profit quality. Qualcomm's GAAP net income rose to $13.6 billion from $5.5 billion, but $5.7 billion of fiscal 2026 results came from a one-time income tax benefit. Non-GAAP net income fell 15% to $11.3 billion. Broadcom earned $23.1 billion of GAAP net income in FY2025 and generated $26.9 billion of free cash flow.
Who should watch which
Watch Broadcom if you want direct exposure to hyperscaler AI spending: custom accelerators, the Ethernet fabric that connects them, and a large software base. The main risk is concentration, since a few customers drive the AI number.
Watch Qualcomm if you want a lower-priced bet on a shift away from phones. Automotive is growing fast and the data center push starts in fiscal 2027. The risks are a shrinking handset line and two customers that each account for at least 10% of revenue.
What to watch next
Broadcom reports fiscal 2026 in December. If Q4 lands near the roughly $34.8 billion guide, fiscal 2026 revenue will be far above FY2025's $63.9 billion. Qualcomm guided fiscal Q1 2027 revenue to $10.4 billion to $11.2 billion. The bigger question is whether the data center ramp its CEO describes shows up as reported revenue during fiscal 2027.
Frequently asked questions
Is Broadcom bigger than Qualcomm?
Yes. Broadcom's FY2025 revenue (year ended November 2, 2025) was $63.9 billion, compared with Qualcomm's $43.1 billion for fiscal 2026 (year ended September 27, 2026). Broadcom's fiscal Q3 2026 alone brought in $29.6 billion. On Nov 6, 2026, Broadcom's market value was about $1.40 trillion against about $177 billion for Qualcomm, per companiesmarketcap.com.
Which company has more AI revenue, Broadcom or Qualcomm?
Broadcom, by a wide margin. It reported $16.7 billion of AI semiconductor revenue in fiscal Q3 2026, up 221% year over year, and guided to $21.7 billion for Q4. Qualcomm says its data center business starts ramping in fiscal 2027.
Why did Qualcomm's profit rise while its revenue fell?
Because of a one-time tax item. Qualcomm's fiscal 2026 GAAP results included a $5.7 billion income tax benefit from releasing a valuation allowance. GAAP net income was $13.6 billion, but non-GAAP net income fell 15% to $11.3 billion on revenue that was down 3% to $43.1 billion.
Who are Broadcom's and Qualcomm's biggest customers?
Broadcom does not name its customers, but says its top five end customers made up about 40% of fiscal 2025 net revenue. Qualcomm says Apple and Samsung each accounted for 10% or more of its fiscal 2026 revenue.
Sources
- Broadcom Q4 and fiscal 2025 results (SEC 8-K exhibit 99)
- Broadcom fiscal 2025 annual report (Form 10-K)
- Broadcom Q3 fiscal 2026 results (SEC 8-K exhibit 99)
- Qualcomm Q4 and fiscal 2026 results (SEC 8-K exhibit 99.1)
- Qualcomm fiscal 2026 annual report (Form 10-K)
- Qualcomm agreed to buy Alphawave for $2.4B (Wikipedia, citing Bloomberg, Jun 9, 2025)
- Broadcom market cap (companiesmarketcap.com, Nov 6, 2026)
- Qualcomm market cap (companiesmarketcap.com, Nov 6, 2026)
Data from Value Add Pulse coverage and company research — see the full threads for Broadcom and Qualcomm.