[Broadcom's earnings miss on custom AI chips](https://www.cnbc.com/2026/06/04/chipmaker-equities-micron-marvell-broadcom-intel.html) isn't about demand evaporating—it's about hyperscalers finally saying no to $500+ ASPs. AVGO posted $57.0B in annual revenue with a 52.2% net margin, but the real story is what happens when that margin compresses 500bps because custom silicon orders shift to in-house designs or lower-cost alternatives.

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