Heading into $AVGO earnings Wednesday what is the market looking at? Broadcom has told investors it will sell more than $100 billion of AI chips next fiscal year. Since then it has been reporting huge orders and signing big customer deals. Many think the real number is higher than $100 billion. In June they expected Broadcom to say so and it didn't. The stock sold off and expectations haven't changed. Broadcom makes the TPU AI chips that Google designs. In August Marvell announced its own deal with Google for the other chips that work with the TPU. The more Google buys from Marvell the more Marvell stock it gets. So Google now has a reason to send work there. Broadcom keeps the TPU. The question is whether Google spends less with Broadcom because of it. Broadcom's overall profit margin is falling because chips are becoming a bigger part of its sales and chips are less profitable than software. Broadcom says the chips are just as profitable as before and that it is only the mix that changed. Marvell also blamed mix when it guided its margin lower last week. They beat and raised their outlook and $MRVL still fell about 10%.