Broadcom shares fell more than 5% Friday after BofA analyst Tom Curcuruto estimated the company's AI infrastructure financing vehicle could reach $370 billion of senior debt by mid-2029 at a 20-gigawatt scale, including about $150 billion of new issuance in 2027 alone. The borrowing would sit at the financing vehicle rather than Broadcom itself, but the company has disclosed backstop commitments on some customer lease obligations, including up to $29 billion of maximum exposure on an initial transaction tied to racks using its custom AI accelerators. The platform was launched in June with a $35 billion financing led by Apollo and Blackstone for Broadcom's AI XPV Platform, funding more than 1 gigawatt of Anthropic compute capacity and targeting more than 20 gigawatts for frontier AI labs through 2028. The scrutiny comes as Broadcom generated $10.8 billion of AI semiconductor revenue last quarter and has guided to $16 billion for the current quarter, while Polymarket traders assign a 94% chance of topping $15 billion and a 78% chance of exceeding $16 billion.