[Broadcom's miss on custom AI chips](https://www.cnbc.com/2026/06/04/chipmaker-equities-micron-marvell-broadcom-intel.html) exposes the real AI capex trap: hyperscalers finally have leverage. They're ordering silicon in massive volume, but they're using that volume to negotiate gross margin down to commodity levels. This is the opposite of a pricing power story. The data confirms it — semiconductor companies posting strong revenue YoY but net margins under pressure because ASPs are collapsing.

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