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Core Viewpoint - The article argues that the competition between Broadcom and Nvidia in the AI data center space is misleading, as both companies are pursuing different strategies that are not mutually exclusive [2][20]. Nvidia's Platform Strategy: Dominating the AI Factory - Nvidia has built a vertically integrated computing and software platform, positioning itself as an essential supplier for companies looking to establish AI factories [3]. - The core of Nvidia's stack includes GPUs like Hopper and Blackwell, paired with NVLink/NVSwitch interconnect technology, creating high-bandwidth, low-latency computing domains optimized for AI workloads [3][4]. - Nvidia's software ecosystem, including CUDA and numerous libraries, locks in developers and supports a wide range of use cases, reinforcing its position as a platform provider [4]. Broadcom's Franchise Model: Sustainable, Open, Profitable - Broadcom's strategy differs significantly from Nvidia's, focusing on finding sustainable franchises and establishing a technology leadership position without pursuing GPUs or large AI systems [5]. - Broadcom dominates the connectivity space in semiconductors, with products like Tomahawk and Jericho leading in commercial Ethernet switching [5][6]. - The company recently announced a $10 billion custom chip deal with OpenAI, indicating its deep integration into large-scale AI infrastructure [6][19]. Financial Performance Comparison - Nvidia's annual revenue run rate is approximately $187 billion, with a year-over-year growth of 56%, and impressive gross and operating margins of 73% and 65%, respectively [16][18]. - In contrast, Broadcom's annual revenue run rate is about $64 billion, with a year-over-year growth of 22%, and gross and operating margins of 67% and 37%, respectively [16][18]. - Broadcom's operating cash flow margin is notably high at 45%, reflecting its strong cash generation capabilities [18]. Strategic Implications - The strategies of both companies highlight that they are not in a zero-sum game; both can thrive by focusing on their respective strengths in AI infrastructure and software monetization [20][22]. - Nvidia leads in accelerated computing, while Broadcom excels in connectivity and software, forming valuable long-term partnerships with major platforms in the AI era [20][22]. - The competition is not between the two companies but rather between the new architectures they are developing and the traditional computing stacks they are replacing [22].