Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have followed Hock Tan's work since he was running Avago out of Singapore, and we will say up front that he is one of the most capable operators and capital allocators of his generation. He has compounded a $5 billion carve-out into a $1.7 trillion enterprise by buying durable franchises, cutting everything that was not a franchise, and paying down the debt he borrowed to do it. That part of the record is not in dispute. What is in dispute is the nature of the business as it stands today. Fifty-six percent of the most recent quarter's revenue came from custom AI accelerators and AI networking sold to six customers. Management guides that figure to double next fiscal year and double again the year after.
Recent filings analysed: 10-Q (2026-09-10), 8-K (2026-09-02), 8-K (2026-07-06), 8-K (2026-06-18).
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