Broadcom gave us a disappointing 2Q26 report and a worse outlook. We got no upward revision to the $100B+ figure for 2027 and an unignorable gross margin step down from 77.1% to 74%. AVGO stock's valuation reset is underway; AVGO trades at a premium, but post-correction will likely become the cheapest large-cap ASIC play, with expectations now recalibrated.