Broadcom is the indispensable engineering partner for the shift from merchant GPUs to custom hyperscaler AI silicon, and it just added OpenAI to a roster that already includes Google, Meta, and ByteDance. Underneath the AI story sits a $33B-a-year free cash flow machine and a VMware software annuity with switching costs few enterprises can escape. Revenue compounded 48% last quarter at a 69% gross margin. The engine is not in doubt. After a 25% correction to the 200-day line, what you pay for it is.