Sell AVGO by Jun 26, 2026.

Everyone owns Broadcom. It shows up in every AI basket, every semiconductor ETF, every "picks and shovels" pitch. The consensus is basically unanimous long. That unanimity is exactly what makes me nervous. The non-GAAP numbers look great. The problem is how you get there. Broadcom strips out stock-based comp that runs north of $2B annually, amortization on acquisitions, and restructuring charges that seem to recur every single year. When you look at GAAP free cash flow against the actual capital …