Does Nvidia or Broadcom Have The Greater Core Vulnerability?

Nvidia and Broadcom both delivered record AI-infrastructure quarters, but the back-to-back earnings-call read-through highlights a key underwriting risk: one company faces a threat emerging from its own biggest customers. Net impact is cautious—strong recent results are tempered by concerns that demand/relationships may not be one-way. Investors may keep focusing on customer concentration dynamics and durability of the AI spend cycle.