TradingKey – Financing risks behind Broadcom’s AI expansion are drawing market attention. On August 14 Eastern Time, Broadcom (AVGO) shares fell below the $400 mark.

It is reported that Bank of America analyst Tom Curcuruto downgraded Broadcom’s issuer and bond ratings, with the core concern coming from the AI XPV financing platform built jointly with Apollo and Blackstone.

The platform’s first transaction is valued at approximately $35 billion, primarily to build over 1 gigawatt of AI computing power for Anthropic, with funds used to procure equipment featuring Broadcom’s custom XPUs, which will then be delivered to customers via leasing. The platform aims to expand to 20 gigawatts by 2028.

Unlike traditional chip sales, institutional…