Broadcom traded down more than 5% Friday, touching roughly $390 after opening above $411, shedding about $102 billion of market value across 4.76 billion shares. The trigger was not a guidance cut, a customer loss, or a downgrade. It was an estimate. Bank of America’s Tom Curcuruto calculated that the chip-financing vehicle standing behind Broadcom’s AI expansion could carry $370 billion of senior debt by mid-2029 at 20-gigawatt scale, including roughly $150 billion of new issuance in 2027 alone, assuming the platform grows at about two gigawatts per quarter. The number is enormous, it is not Broadcom’s debt, and the market sold the stock as though it were.