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Gian Estrada • 3 Minuten gelesen
Rezensiert von: Gian Estrada
Zuletzt aktualisiert Oct 12, 2026

Alexander Kuzmin from Getty Images and MrWashingt0n from pixabay via Canva

Broadcom (AVGO) CEO Hock Tan sagte am Montag, dass Kapital, nicht Chips, nun die größte Einschränkung für das KI-Wachstum des Unternehmens darstellt. Auf einem Podium in Singapur erklärte Tan, dass Broadcom die Engpässe bei Wafern und Speicher überwindet, aber die Finanzierung die schwierigste Grenze sein wird, während die KI-Entwicklung weitergeht.

Das ist eine Veränderung. Im September nannte Tan bereits mit Strom versorgte Rechenzentrumsstandorte als den weniger vorhersehbaren Engpass. Er sagte auch, dass Anthropic und OpenAI gezeigt hätten, dass ihre neuesten KI-Assistenten-Modelle signifikante Umsätze erwirtschaften können.

Broadcom hat bereits Finanzierungszusagen gemacht

Tan beschreibt nicht das Problem eines anderen. Broadcom hat zugesagt, Anthropic bis zu 42 Milliarden US-Dollar zu leihen, wie aus dem Börsengang-Prospekt von Anthropic hervorgeht, wie Reuters am 1. Oktober berichtete. Das könnte etwa ein Drittel der 125,2 Milliarden US-Dollar teuren, fünfjährigen TPU-Leasingverpflichtung von Anthropic abdecken. Bloomberg hat ebenfalls berichtet, dass Broadcom ein Schuldenpaket in Höhe von etwa 60 Milliarden US-Dollar zusammenstellt, um Chips für Anthropic und andere Kunden zu finanzieren.

Kann sich Broadcom das leisten?

broadcom stock free cash flow
AVGO Aktie Free Cash Flow (TIKR)

Knapp, aber nicht auf einen Schlag. Der Free Cash Flow stieg von 17,63 Milliarden US-Dollar im Geschäftsjahr 2023 auf 26,91 Milliarden US-Dollar im Geschäftsjahr 2025 und auf 39,40 Milliarden US-Dollar in den letzten zwölf Monaten. Die Finanzierung der vollen 42 Milliarden US-Dollar würde etwa 13 Monate dieses Cashflows beanspruchen, bevor ein Dollar für Dividenden oder Aktienrückkäufe ausgegeben wird.

broadcom stock total cash and short term investments and total debt
AVGO Aktie Total Cash and Short Term Investments and Total Debt (TIKR)

Die Bilanz ist angespannter. Broadcom schloss das Geschäftsjahr 2025 mit 16,18 Milliarden US-Dollar an Bargeld und kurzfristigen Anlagen gegenüber 66,46 Milliarden US-Dollar an Gesamtverschuldung ab. Die Barbestände sind seitdem auf 24,0 Milliarden US-Dollar zum 2. August gestiegen.

Das Fazit zu Broadcoms Kapitalproblem

Der Cashflow ist vorhanden, um einen Großteil davon aufzufangen. Das eigentliche Risiko ist die Konzentration. Broadcoms Beziehung zu Anthropic umfasst die Bereitstellung von Rechenleistung, Geräteleasing und zugesagte Finanzierung. Anthropic verzeichnete 2025 auf operativer Ebene einen Verlust von mehr als 8 Milliarden US-Dollar bei einem Umsatz von etwa 4,6 Milliarden US-Dollar. Die Übertragung des Kredits an einen Finanzierungspartner würde die Belastung der Bilanz mildern, nicht jedoch die Abhängigkeit: Anthropic ist auf dem Weg, 2027 Broadcoms größter Rechenleistungskunde zu werden.

Möchten Sie sehen, wie sich Broadcoms Cash-Generierung im Laufe der Zeit im Verhältnis zu seiner Schuldenlast verhält? Sie können dieselben Free-Cash-Flow- und Bilanzdiagramme kostenlos auf TIKR aufrufen. Erfahren Sie hier mehr.

Was ist die Broadcom-Aktie also wirklich wert?


TIKR ermöglicht es Ihnen, den zukünftigen Preis jeder Aktie in weniger als einer Minute zu prognostizieren. Geben Sie einfach ein paar Annahmen in das Bewertungsmodell von TIKR ein und sehen Sie, was die AVGO-Aktie wert sein könnte. Beginnen Sie mit den Konsensschätzungen von Wall Street oder passen Sie die Eingaben an, um Ihre eigene Sicht auf das Geschäft widerzuspiegeln. Die Nutzung ist kostenlos.

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