Broadcom's stock price fell after hours as AI chip revenue forecasts were lower than expected.

Broadcom's stock price fell after hours as the company's revenue forecast for artificial intelligence chips was lower than expected, indicating slower progress in gaining a larger share in this rapidly growing industry than outsiders had anticipated. Broadcom announced on Wednesday that AI semiconductor revenue for the third quarter ending in July will be $16 billion. Analysts' average expectation is $17.2 billion. CEO Hock Tan stated that sales of Broadcom's AI chips for the fiscal year ending in October will be $56 billion, lower than the previous average expectation of $57.6 billion. Broadcom's stock price fell more than 10% after hours. As of the close, the stock has risen 38% so far this year.