We up our 12-month target to $1,850 from $1,600 on a P/E of 30x our CY 25 EPS view, above historical rising AI and software exposure. We keep our FY 24 (Oct.) EPS at $49.16 and raise FY 25 to $60.00 from $56.90. AVGO posts Apr-Q EPS of $10.96 vs. $10.32, beating the $10.84 consensus. Sales rose 43% (+12% ex. VMware), with Infrastructure Software +175% and Semiconductor Solutions +6%. AI sales grew 280% ($3.1B in Apr-Q; +$11B now seen in FY 24) and is driving upside, while non-AI semiconductor sales appear to have bottomed out. Networking growth of 44% (53% of semi sales) is being led by momentum for its Ethernet switches (Tomahawk 5/Jericho 3) and higher customer silicon revenue. We think VMware integration is progressing ahead of schedule given sharply lower spending (seen at $1.3B exiting Q4 from $1.6B in Apr-Q/$2.3B in late ’23), streamlining SKUs (from over 8,000 to 4 core offerings), and good traction in transitioning customers to a subscription plan. Like NVIDIA, AVGO announces a 10-for-1 stock split.