$AVGO

POST-CALL: $30B in AI bookings against $10.8B shipped is a 3x backlog ratio wow. and the street is still modeling $AVGO like a cyclical chip company! we had the band above consensus on AI revenue, it printed a major beat on total revenue and adjusted EBITDA cleared our 68% guidance. direction right, and honestly the magnitude surprised us too. the belief shift is visibility. hock tan said it plainly: "our visibility runs all the way to 2028 right now. just 3 months ago visibility ran pretty much to 2027." the Meta MTIA X deal, 3 gigawatts through 2028 with an initial 1 gigawatt order, is the concrete anchor. and the new XPU platform with Apollo and Blackstone targeting 20+ gigawatts of compute capacity is net-new, not in our setup at all. read-through is that custom silicon is no longer