$Broadcom(AVGO.US)I've held Broadcom for a year and a half, let's talk about my views on it. First, the CEO really doesn't know how to hype things up; almost every earnings report leads to a surge, but after the CEO gives a speech, it always plummets. This is a fact, and it has happened too many times.

However, Broadcom is also a core beneficiary of the "non-NVIDIA route" in AI infrastructure, mainly addressing the cost, power consumption, and network bottlenecks after large-scale model inference. Its advantages mainly lie in:

1. Revenue has already been realized, with Q3 expected AI semiconductor revenue of $16 billion, a year-over-year increase of over +200%.

2. Benefiting from self-developed ASIC/XPU.

To lower inference costs, major clients like Google, Anthropic/OpenAI will increasingly use custom chips, and AVGO is one of the core suppliers.

3. Hedging against the single-route risk of NVDA.

In the future, AI computing power won't be limited to GPUs; TPU, Trainium, and self-developed ASICs will all run in parallel. AVGO is the most important non-NVIDIA computing power expression in the portfolio. Of course, there's also MediaTek, but it's currently not available for purchase.

4. Simultaneously benefiting from network bottlenecks and also being one of MRVL's competitors.

Long context, RAG, and agents will all bring massive data movement, and AVGO's AI networking will benefit as well.

Short-term target is 420, but the current main theme is still storage; the AI market trend is likely still not as strong as storage.