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I think another interesting point is whether Tan moving out of semi's is sending a signal about how he views that market, although it could be simply AVGO was getting too big. But if that is the case, what were current shareholders thinking anyway?

This is a great point that I hadn't considered. I assume size was the reason, but it could be a tops down call which is crazy bearish (and supports diverting buybacks to other business M&A).
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