Futurum Equities, in its latest AI Fifteen report, identified the critical factors that will define the AI economy. These include the control of computing, data, deployment, and security. The firm’s list features companies that are not part of the Mag 7 but are disrupting the AI economy in various layers.

Broadcom Leads AI Chip Revenue Surge

Broadcom Inc. (NASDAQ:AVGO), which Futurum Equities describes as the “Uncle Sam of AI,” is leading the list. Despite a volatile earnings reaction, Broadcom remains at the top, with AI chip revenue accelerating to $6.5 billion this quarter, with guidance of $8.2 billion next quarter (~100% YoY growth).

Backlog across XPUs, switches, optics, and racks exceeds $73 billion over six quarters. XPUs now generate nearly two-thirds of AI semiconductor revenue, a fourth hyperscaler is in production, and system-level growth drives revenue across racks, networking, and VMware workloads. Margins compress as full systems sales rise, but absolute gross profit grows with network scaling, stated Futurum Equities.

The company is reportedly charging for large-scale inference across hardware, networking, and software, not just as a supplier but also “as the toll collector” for the entire AI stack. Futurum Equities calls Broadcom as “the glue” holding ...