Broadcom (AVGO) vs Qualcomm (QCOM)

Broadcom is now primarily an infrastructure and data-center story, with a large and growing exposure to custom AI chips and networking for hyperscalers, plus a sizeable enterprise software segment from the VMware acquisition. AVGO is a levered play on continued AI capex and cloud/data-center build-outs. AVGO currently looks like the higher-growth, higher-margin compounder. AI capex cyclicality, concentration risk, valuation risk, and integration/execution are the main risks.