Broadcom’s $10B buyback signals a new phase in the AI capex cycle. While many tech giants redirect cash toward massive AI infrastructure spending, Broadcom is using strong AI-driven cash flow to retire shares, creating a liquidity defense under the EG LRM-14 macro framework.

As AI investing shifts from narrative-driven trades to cash-flow repricing, a structural separation is underway. Nvidia’s resilience may signal where capital is truly aligning in the emerging AI capital cycle.