Customer ConcentrationCustom chip programs by nature tend to be lumpy with high customer concentration risks, as seen with AVGO & Google.
Market RisksKey risks include the risk of non-accretive acquisitions, relatively high leverage, and a potential slowdown in AI growth momentum.
Product MixGMs were quite strong in the quarter at 79.4% but guided 130 bps lower as mix to AI and further into ASICs hurts mix, which should be a LT headwind.