Hyperscalers' AI capex ROI looks only roughly in line with equity market return expectations. This may prompt greater scrutiny of AI spend from here on. Tighter scrutiny of AI budgets may pressure Broadcom's pace of growth, but rising demand for custom AI accelerators and networking should partially offset slower generic accelerator spending. A mix shift toward lower-margin AI hardware is pressuring Broadcom's gross margins and weakening its working capital profile.