CICC released a report stating that Broadcom's revenue in the fourth fiscal quarter grew by 51.2% year-on-year, meeting expectations. Non-GAAP Net income increased by 44.8% year-on-year to $6.965 billion, slightly above expectations, mainly due to VMware's financial integration exceeding expectations. Considering the company as a rare target with comprehensive AI computing power and network capabilities, along with mid-term growth of AI SAM surpassing market expectations and clear growth in AI business, the firm upgraded Broadcom's rating to "Outperform the Industry" and raised the Target Price by 34% to $220. CICC stated that Broadcom has significant technological advantages in AI ASIC, smoothly acquiring customers with clear revenue; it believes the company's technological advantages result in higher profit margins in AI ASIC business compared to peers. Based on Broadcom's AI SAM expectations and the ramp-up of new customers, as well as its high market share, it is expected that the company's AI revenue compound annual growth rate for fiscal years 2024 to 2027 will exceed 50%. CICC mentioned that considering Broadcom's clear long-term growth in AI business and VMware's high profit growth, it has raised its earnings per share forecasts for fiscal years 2025 and 2026 by 4% and 11%, to $6.40 and $7.95, respectively.