Broadcom Inc. AVGO

Broadcom is a cash-machine straddling the hottest tech themes—AI chips and hybrid-cloud software—but the stock already reflects a lot of that sizzle. If Hock Tan nails the 2 nm roadmap and keeps VMware customers from revolting, today’s premium may prove justified; if a hyperscaler blinks or regulators bite, the goodwill-stuffed balance sheet offers little padding. In short, a stellar business facing a not-so-stellar price—handle with both curiosity and caution.