Broadcom Inc.'s softer-than-expected fiscal Q3 AI revenue outlook has raised concerns over whether its AI premium has outpaced near-term growth. The concern is amplified by rival Marvell's Nvidia-backed momentum, which is creating a credible competitive risk across custom silicon and AI scale-up and scale-out networking. However, AVGO's six core XPU wins reinforce strong visibility into multi-year AI revenue conversion and non-GPU infrastructure share gains through at least FY 2028.