In order to assess Broadcom’s prospects in relation to its valuation, one has to dissect its product portfolio, which spans both semiconductor and software products. The most exciting segment is Broadcom’s AI semiconductor portfolio, which consists of custom AI accelerators, or “XPUs,” which enable third parties to design their own AI accelerators, as well as its leading data center networking chips. The rest of Broadcom’s chip portfolio consists of profitable but lower-growth broadband, telecom, and mobile chipsets.