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    Srini Pajjuri • Raymond James Financial

    Srini Pajjuri's questions to Broadcom Inc (AVGO) leadership

    Srini Pajjuri's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Srini Pajjuri of Raymond James Financial sought two clarifications: whether the 2026 AI forecast includes contributions from new prospects, and if the current 40% AI networking mix is the new normal.

    Answer

    CEO Hock Tan declined to comment on prospects, stating, "We only talk on customers." Regarding the mix, he clarified that the 40% share for networking is higher than the long-term expectation. He reiterated his previous view that the networking-to-XPU ratio should normalize to less than 30% as the business grows into 2026.

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    Srini Pajjuri's questions to Broadcom Inc (AVGO) leadership • Q2 2025

    Question

    Srini Pajjuri from Raymond James Financial sought two clarifications: whether the 2026 AI forecast includes contributions from the four previously mentioned prospects, and if the current 40% revenue mix for networking within AI is the expected long-term rate.

    Answer

    CEO Hock Tan declined to comment on prospects, stating, 'We only talk on customers.' On the second point, he clarified that the current 40% mix for networking is higher than the expected long-term run-rate, which he anticipates will be closer to 30% or less of total AI revenue.

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    Srini Pajjuri's questions to Marvell Technology Inc (MRVL) leadership

    Srini Pajjuri's questions to Marvell Technology Inc (MRVL) leadership • Q1 2026

    Question

    Srini Pajjuri of Raymond James Financial asked about Marvell's optical market share in the transition from 800G to 1.6T, the potential impact from LPO technology, and the current state of inventory at optical customers.

    Answer

    Chairman and CEO Matt Murphy stated Marvell has a "commanding position" in 800G and expects no fundamental share shift at 1.6T due to its time-to-market lead. He views Linear Pluggable Optics (LPO) as an incremental opportunity where Marvell will participate. He also noted that customer inventory levels look good, with low distribution inventory, and expects continued strong growth in the optics business.

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    Srini Pajjuri's questions to Arm Holdings PLC (ARM) leadership

    Srini Pajjuri's questions to Arm Holdings PLC (ARM) leadership • Q2 2025

    Question

    An analyst from Raymond James asked about the networking and data center business, seeking to understand its potential as a growth driver from both a royalty and licensing perspective over the next year.

    Answer

    CEO Rene Haas expressed strong optimism for NeoVerse adoption, citing the general availability of power-efficient chips from Microsoft (Cobalt) and Google (Axion), and the software leverage from NVIDIA's Grace Blackwell platform. CFO Jason Child added that while networking remains slow, the cloud compute market is strong and expected to accelerate in the second half of the year as these new deployments ramp.

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