I went through the AVGO transcript line by line. Here's what I actually found.

AVGO dropped 15% this week on an earnings "miss." I want to walk through what the transcript actually says because the market reaction and the business reality are completely disconnected. Hock Tan confirmed orders are visible to 2028 right now. Not 2026. Not 2027. 2028. A 1 gigawatt XPU plus networking order has already been received. OpenAI goes into production on custom silicon late 2026. META's custom AI program ramps H2 2027. Management said on the call: "demand for networking is simply ins