#TheMorningFilter #AVGO #BroadcomStock Morningstar’s analyst unpacks Broadcom’s current valuation, what the market is missing, and the risks investors need to watch out for. In this bonus episode of The Morning Filter podcast, co-host Dave Sekera sits down with senior analyst William Kerwin to talk about Broadcom. They unpack the company’s three key business buckets—XPUs, networking chips, and software—and break down the company’s relationships with major customers like Alphabet, Anthropic, OpenAI, and Meta Platforms META. They also discuss the mix shift of AI spending over time, what that shift will mean for Broadcom’s business, and how Broadcom stacks up against its competitors. Tune in to hear Morningstar’s forecasts for Broadcom’s revenue, earnings, cash flow, and margins, why we think Broadcom will maintain its wide Morningstar Economic Moat Rating despite the changing AI landscape, key assumptions behind our $650 fair value estimate, and why we believe the stock is underappreciated in the market. Episode Highlights Broadcom Stock Fell 3% After Earnings Despite Immense AI Chip Demand https://www.morningstar.com/stocks/broadcom-stock-fell-3-after-earnings-despite-immense-ai-chip-demand Check out more research from William Kerwin: https://www.morningstar.com/people/william-kerwin Got a question for Dave? Send it to themorningfilter@morningstar.com. Follow us on social media. Dave Sekera on X: @MstarMarkets https://x.com/MstarMarkets Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera Facebook: https://www.facebook.com/MorningstarInc/ X: https://x.com/MorningstarInc Instagram: https://www.instagram.com/morningstarinc/?hl=en LinkedIn: https://www.linkedin.com/company/morningstar/posts/?feedView=all If you would like more information about any of the stocks Dave talked about today, you can visit Morningstar.com for more details. Subscribe to The Morning Filter to get notified when we post next. This episode is sponsored by Vanguard: https://advisors.vanguard.com/engagement/fixed-income