Baron Opportunity Fund on Broadcom Inc.

Broadcom is positioned at the center of the shift toward custom silicon for hyperscale AI infrastructure. Its long-term relationship with Alphabet through 2031 gives it an entrenched role in Google's custom accelerator ecosystem, while Anthropic, OpenAI, Meta and Apple provide additional avenues for growth. The manager expects custom silicon accelerator volumes to become comparable with GPU unit volumes and sees Broadcom as the category leader. Its networking, connectivity, storage and infrastructure-software assets provide additional strategic relevance across modern computing infrastructure. The fund believes Broadcom can capture a dominant share of the custom-silicon market and become one of the world's largest technology companies.