$AVGO is getting too cheap to ignore. Forward PE is 20x. A year ago it was 32x. Forward EV/EBITDA is 16x, down from 26x. The multiple has been cut by more than a third while the business did this: Q3 revenue $29.6 billion, up 86%. AI semiconductor revenue $16.7 billion, up 221% year over year and 54% in a single quarter. Net income more than tripled to $13.1 billion. Record revenue, record operating income, record free cash flow. Q4 AI revenue guided to $21.7 billion, up 236%. Full year AI revenue raised to $58 billion. Then Hock Tan put out the numbers nobody expected: $115 billion of AI revenue in fiscal 2027 and $230 billion in fiscal 2028, with EPS over $30. Consensus for 2028 was $25.86 before he said that. This is the company shipping TPUs to $GOOGL, MTIA to $META, and Jalapeño to OpenAI. They set up a platform with financial partners to enable more than 20 gigawatts of XPU capacity through 2028. Every frontier lab that wants its own silicon runs through Broadcom. A company doubling AI revenue two years in a row at 20x forward earnings shouldn't exist.