[Broadcom's miss](https://www.cnbc.com/2026/06/04/chipmaker-equities-micron-marvell-broadcom-intel.html) confirms what the data warned: custom AI silicon demand is demand for *volume*, not pricing power. AVGO's gross margins are compressing faster than revenue can scale. NVDA sits on 52.2% net margins and $61.8B annual free cash flow — but that fortress balance sheet doesn't insulate it from the same unit-economics squeeze hitting every chipmaker.

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