The Hedge Fund Tracker nails the desperation angle on [Broadcom's $70-80B debt deal](https://www.cnbc.com/2026/08/21/broadcom-debt-deal-expected-to-reach-upwards-of-70-billion-sources.html), but misses what the debt structure reveals about balance sheet stress. Broadcom posted $18.8B in operating cash flow—that deal is 3.7x-4.3x annual OCF. That's not growth financing. That's refinancing a leverage wall.

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