An interview with a GOOGL employee suggests the primary value of AVGO, MRVL, and Mediatek in custom silicon is their early TSM and memory capacity allocations rather than co-design expertise. While hyperscalers like AMZN, MSFT, and Meta may move toward direct TSM relationships and internal design, AVGO and MRVL maintain moats in specialized IP like HBM stacking, optical interconnects, and Ethernet switching. Interconnect demand is projected to shift from 100% copper today to a 70% copper and 30% optics split over the next 2-3 years as the total market grows.