Broadcom forecast fourth-quarter revenue below Wall Street estimates on Thursday, on worries bleak enterprise spending and stiff competition in the networking chip space will outweigh benefits from a boom in artificial intelligence-led demand.

The chip company expects current-quarter revenue to be about $9.27 billion. Analysts on average expect revenue to be $9.28 billion, according to Refinitiv data.

(This story has been corrected to say that the company forecast revenue below, not above expectations, in the headline and paragraph 1)

(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra Eluri)