Broadcom CEO Dismisses Stock Plunge, Says ‘Never Cares About Share Price’; Confirms OpenAI Chip Volume Production This Year

Broadcom (AVGO) CEO Hock Tan dismissed the company’s after-hours stock plunge, asserting he “never cares about share price” and focuses solely on fundamentals. Speaking at the Bloomberg Tech Conference on June 5, 2026, Tan confirmed custom AI chips for OpenAI will enter volume production later this year, and said no approval is needed from Microsoft (MSFT) — refuting recent media reports of obstacles. The remarks followed Broadcom’s record fiscal Q2 results on June 5, with revenue topping $22 billion, up 48% year-over-year, and AI semiconductor revenue surging nearly 80%. Yet shares tumbled more than 10% after hours after the Q3 AI revenue guidance of $16 billion came in below some analysts’ lofty expectations of over $17 billion. The stock had added more than $300 billion in market value earlier this year. Tan underscored the deepening Google (GOOGL) TPU partnership as a stable anchor and called the collaboration with AI startup Anthropic a “great bet,” noting internal engineers already use its large language models to dramatically boost productivity. He disclosed Broadcom has six custom chip customers at varied stages, led by Google, and said the company has no need for major acquisitions, with annual revenue set to double to over $50 billion between 2024 and 2026.