$AVGO (-1,2%) just reminded the market that AI is not only about GPUs.
Q3 revenue: $29.6B, up 86% YoY
AI semiconductor revenue: $16.7B, up 221% YoY
Free cash flow: $13.7B, around 46% of revenue
Q4 guidance: $34.8B
What I like here: Broadcom is not selling the AI dream.
It is already monetizing the infrastructure behind it: custom chips, networking, and software.
Less hype than Nvidia.
But maybe one of the strongest picks-and-shovels plays in the AI stack.
