NVIDIA (NasdaqGS:NVDA) Conference February 03, 2026 01:00 AM ET Company ParticipantsGilad Shainer - Senior VP of NetworkingModeratorfor our webinar on Co-packaged Silicon Photonic Switch for Gigawatt AI Factories. Before we begin, we wanted to cover a few housekeeping items. On your screen, you can find various widget for the webinar. Each widget is resizable and movable. If you have any questions during the webcast, you can submit them through the Q&A widget near the bottom of your screen. We will try to a ...

Group 1 - Broadcom Inc. is experiencing a transition from sustaining growth to accelerating growth, driven by a structural shift in AI demand and a strengthening software cash engine [2] - AI semiconductors have reached $5.2 billion in quarterly revenue, with custom XPUs making up 65% of the mix, indicating strong partnerships with hyperscalers [3] - The company has provided Q4 AI guidance of $6.2 billion, with management expressing confidence in significantly higher growth next year [4] Group 2 - The VMware acquisition has become a powerful private-cloud utility, generating 77% operating margins and $7 billion in free cash flow [4] - Over 90% of top customers have transitioned to subscription models, allowing Broadcom to enter Phase 2 of monetization by upselling security and disaster recovery services [4] - Despite some gross-margin pressure from a higher XPU mix, operating and EBITDA margins remain strong at approximately 65% and 67%, supported by a $110 billion backlog [6] Group 3 - Broadcom is positioned as a dual-moat business, being an AI connectivity leader backed by a resilient and expanding software franchise [6] - The stock price of Broadcom has appreciated approximately 106.07% since the previous bullish thesis coverage, indicating successful execution of the company's strategy [7] - The current thesis emphasizes accelerating AI visibility and the dual-moat model, aligning with previous analyses [7]