$AVGO generated $13.67B in quarterly free cash flow. So why pay attention to a potential $29B exposure? Because Broadcom's filing describes a customer lease backstop tied to certain five year rack leases. Here's what matters: - $14.20B in operating cash flow - $532M in capex - $13.67B in free cash flow - Approximately $29B in maximum undiscounted backstop exposure after all racks are deployed That last figure is not a realized loss. Broadcom reported no backstop payments as of August 2, and the fair value was not material. But the arrangement illustrates something important about the AI infrastructure trade: even a company generating substantial cash can retain financial exposure beyond its ordinary equipment sales. While $NVDA and $TSM sit at the center of AI hardware demand, $AVGO's custom chip and infrastructure business has its own set of risks to monitor. @OCIGlobal highlights the default and resale mechanism behind this exposure. The question is whether the cash generation and economics justify the contingent risk as deployments grow. Does this change how you view $AVGO, or is its cash generation strong enough to absorb the risk?