An essay moved the market

Anthropic CEO Dario Amodei used a weekend essay to argue for slowing the pace of frontier model development. Sam Altman and Elon Musk backed him, and Monday's chip trade wobbled.

Broadcom took the hit

Broadcom shares fell 4.8% and the iShares Semiconductor ETF dropped 5.6%. Data-center component suppliers got sold off too.

Tan says nothing changed

On Mad Money, Jim Cramer asked whether the slowdown debate made him rethink Broadcom's fiscal 2027 and 2028 AI forecasts. Tan did not hedge.

“No, not in the least.”

The numbers he is defending

On the Sept. 2 earnings call, Tan guided to $115 billion in AI semiconductor revenue for fiscal 2027, doubling to $230 billion in 2028. That 2028 figure beat expectations.

Why Anthropic matters so much

Tan said Anthropic is on track to become Broadcom's largest custom chip customer in 2027 and hold that spot in 2028, displacing Google. That is why Amodei's words sting.

Inference is the real bet

Tan drew a line between training models and running them. Day-to-day usage is where he sees durable demand, which insulates the forecast from a frontier slowdown.

“I don't know about training, but when you want to productize inference, I see it continuing to be very, very strong.”

A tool, not a wild animal

Tan agreed AI needs governance and safeguards, but rejected the alarm. He compared generative AI to the Industrial Revolution and called it a lever on living standards.

“It's not a live animal that will run wild by itself.”