The hyperscalers said it. Nvidia 's beat-and-raise confirmed it. Spending on powerful artificial intelligence chips and hardware is still off the charts and will be for some time. That signals, to us, a positive backdrop ahead of Broadcom 's earnings on Thursday evening. To be sure, it's not all glowing. There has been a narrative developing that AI demand may be slowing, starting with Wall Street nitpicking Nvidia's slight quarterly data center revenue miss, which has hit the Club stock since last week's print, and book-ending with Friday's disastrous guide from custom chip rival Marvell Technology . We, however, prefer to look at what the companies are saying and reporting. While Nvidia's data center was a bit light versus the analyst consensus, the segment still grew 56% year over year.

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