Apple just committed $30B+ to Broadcom chips through 2031, but is AVGO really safe from in-house risk?

So Apple locked in $30 billion+ with Broadcom for U.S.-made chips over roughly 5-6 years. That's like $5-6B annually for AVGO, and honestly it sounds bullish on the surface.

But here's the thing: Apple is still moving Wi-Fi and Bluetooth in-house with its N1 wireless chip. Broadcom keeps the RF and FBAR filter stuff because that's genuinely hard to replicate, but the internalization trend isn't going anywhere. This deal buys time, not a permanent seat at the table.

What actually caught my attention is the AI semiconductor side. AVGO just posted $10.8B in AI semi revenue last quarter, up 143% YoY, and guided next quarter to roughly $16B. The Apple custom ASIC piece is part of that story, not some new windfall.

I pulled the chart on moomoo and the rally makes sense as a re-rating of "Apple won't ditch us anytime soon," but I'm not sure this fully prices in what happens post-2031 if Apple keeps building out its own silicon team.

Anyone else think the market is reading this deal as more bullish than it actually is, or am I overthinking it?[More >> ](https://www.moomoo.com/news/post/72675302?global_content=%7B"promote_content":"11067213","promote_id":20795,"promote_type":43,"sub_promote_id":1%7D)