Broadcom likes to buy big companies with big moats that trade at a reasonable multiple because they have a mature growth profile. There are no more chip compani

Broadcom likes to buy big companies with big moats that trade at a reasonable multiple because they have a mature growth profile. There are no more chip companies left with that profile except Qualcomm, which they tried to buy, and maybe Intel although their moat is fading. So they pivoted to software.