Broadcom Inc., a chip company vying with Nvidia Corp. for AI computing revenue, fell by the most in eight months after its sales outlook for the red-hot market failed to meet investors’ lofty expectations.

The shares slid as much as 8.3% after markets opened in New York Friday, their biggest intraday drop since April 10, following unsettling commentary from Chief Executive Officer Hock Tan the day before on a conference call with analysts. He said the company has a backlog of $73 billion in AI product orders that will be shipped over the next six quarters — a number that disappointed some investors. But Tan sought to clarify that the figure was a “minimum.”

“We do expect much more as more orders come in for shipments within that next six quarters,” he said. “So our lead time, depending o

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