Broadcom Preps $60B AI Debt Package as Nike Shares Plunge on Sales Miss

Qualcomm Incorporated unveiled new Snapdragon platforms designed to run AI agents directly on consumer devices at its Snapdragon Summit, as the company positions agentic AI as its next growth phase beyond smartphones. CFO Akash Palkhiwala said the two new chips target the high-end smartphone market with best-in-class gaming and productivity performance and set up the platform for agentic AI. The company is expanding across AI-powered devices, automotive systems, data centers, and physical AI applications, and earlier this month announced a multi-generation collaboration with Amazon to develop customised silicon for large-scale AI data centers focused on AI inference. Qualcomm's forward GAAP P/E of 15.59x sits 6.76% below its 5-year average of 16.72x and below the sector's forward GAAP P/E of 29.51. Hedge fund ownership slipped from 78 funds at the end of Q4 2025 to 71 at the end of Q1 2026, and short interest reached 3.53% of the float as of August 31, 2026.

Broadcom is extending a $42 billion convertible note facility to Anthropic, turning the chipmaker into its customer's lender and centralizing control over the AI lab's infrastructure. The facility covers roughly one-third of the $125.2 billion five-year TPU computing lease that sits beneath Anthropic's $518 billion total compute commitment, of which $161.2 billion is owed to Broadcom alone. Under the structure, Broadcom converts its position into equity if Anthropic's eventual IPO succeeds, or retains senior creditor status if the company falters, a dual path Anthropic's prospectus flags as a potential conflict of interest. Anthropic CEO Dario Amodei has defended the arrangement as a flywheel, while Seaport Research analyst Jay Goldberg said Broadcom is following Nvidia, which has committed up to $100 billion to OpenAI, and AMD, which tied a $5 billion investment in Anthropic to deployment of its MI450 GPUs. Anthropic reported $11.6 billion in Q2 2026 revenue and its first positive adjusted operating profit, but Rothschild & Co managing partner Robert Leitao warned the concentrated bet depends on the two companies generating enough revenue to support the entire financing structure. Broadcom and Anthropic declined to comment on the disclosures.