Broadcom CEO Hock Tan strikes a cautious tone on AI as Nvidia’s Jensen Huang stays bullish

Broadcom CEO Hock Tan has a message for AI investors. Many of them, in his view, are acting less like analysts and more like gamblers in a casino. That is a striking thing to hear from a man whose company just posted a 221% jump in AI chip revenue. It is even more striking next to Nvidia CEO Jensen Huang, who has spent the same stretch telling anyone who will listen that the AI build-out is only getting started. What Tan actually said Tan made his remarks on October 12, 2026, at the DBS Asia Future Forward Conference in Singapore. His core argument was that many investors do not fully understand the technology or the business models they are betting on. He also warned that returns are uncertain for enterprises jumping into generative AI. Training large AI models is enormously expensive, and that bill has to be paid long before any profit shows up. To make the point, Tan cited OpenAI. He put the company’s annualized revenue run-rate at approximately $50 billion, which he framed as clear evidence that demand is real. The catch, in his telling, is that demand and profitability are two different things. Operational costs, especially training, could still produce heavy losses. Tan then ...