Private‑credit powerhouses Apollo Global Management and Blackstone are in advanced talks to underwrite a financing package for chipmaker Broadcom that could total $35 billion. Sources familiar with the negotiations say the deal would rank among the largest private‑credit commitments ever recorded. Funds are earmarked for Broadcom’s next wave of AI‑focused processors and bolster its position in data‑center deployments worldwide.

Broadcom has been racing to expand its AI chip portfolio after securing major contracts with hyperscale cloud providers. Traditional bank loans have tightened, prompting tech firms to tap private‑credit markets for speed and flexibility. The proposed financing would give Broadcom immediate liquidity while preserving its balance sheet, allowing it to accelerate R&D and capture market share from rivals such as Nvidia and AMD.

Investors will watch the credit terms closely, as pricing on a deal of this magnitude could set a benchmark for future AI‑related funding. Should the agreement close, Broadcom would join a small club of chipmakers leveraging private credit at scale, potentially pressuring banks to compete on price and covenants. The transaction underscores the capital intensity of the AI race.