Broadcom's fiscal second quarter delivered the single most concentrated AI bet in public-equity markets: semiconductor revenue from AI of $10.8 billion grew 143% year-over-year, pushing total revenue to a record $22.2 billion (up 48%), Adjusted EBITDA to a record $15.2 billion (69% of revenue), and free cash flow to $10.3 billion - more than four-fifths of a year-ago full quarter. The acceleration is real, and the company is asking the market to underwrite a step-function in Q3, guiding to roughly $29.4 billion of revenue (up 84% year-over-year) with AI semiconductor revenue at $16.0 billion, more than 200% higher than a year ago. The growth engine is also narrower: a single direct-distributor customer accounted for 42% of consolidated net revenue in the quarter, up from 29% a year ago, and the company entered Q3 with firmly committed remaining performance obligations of approximately $164.6 billion across its multi-year contracts - roughly 30% of which is expected to convert to revenue over the next twelve months. The quarter's quiet, post-balance-sheet event is the structure that just appeared: on June 8, 2026, Broadcom arranged for Apollo to take on certain AI-rack purchase agreements, with Broadcom backstopping the customer's lease obligations over a five-year term for a maximum exposure of $29 billion. The numbers say the AI bet is real. The structure says management wants the cash flow without the credit risk on its own balance sheet - and the open question, falsifiable by Q3, is whether the named AI customer builds the data centers on the schedule the $164.6 billion backlog assumes.