Broadcom (AVGO): 'Chips only' AI boom, margin math & inventory tell [Q2 2026]

Broadcom Inc.’s Q2 FY2026 was a paradox: AI chip demand looked “insatiable,” but investors sold the stock on margin, inventory, and “chips only” complexity.In this episode:- AI semis hit $10.8B; Q3 guide jumps to $16B.- Inventory rose 46% as Broadcom secured AI supply.- Gross margin guide falls, operating margin stays near 67%.- “No rack. It’s all chips” meets Apollo/Blackstone financing.- Stock slid despite a 29% run into earnings.Susie and Miro unpack why bookings above $30B matter, why working capital is now part of the AI story, and why the market may be asking for cleaner economics after a huge ramp. The big watch: whether Broadcom converts demand into shipments and cash without new balance-sheet ambiguity.Company: Broadcom Inc. (AVGO) | Q2 FY2026AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.