Technology stocks, as a group, had a bruising first-quarter 2026. Software stocks struggled heavily, extending the losses that they’d first seen in 2025, as investors exited names on fears of vulnerability to artificial intelligence disruption. There was pullback in other tech stocks as well, including some semiconductor names.

Despite all that, we remain confident in the sector’s long-term trends, which include secular tailwinds like cloud computing, AI, and the long-term expansion of semiconductor demand. “After months of poor performance, we see software as offering the most upside,” says Morningstar senior equity research analyst Dan Romanoff.

The 12 best US tech stocks to buy now

These were the most undervalued tech stocks that Morningstar’s analysts cover as of March 31, 2026.

  1. Klarna Group KLAR
  2. Atlassian TEAM
  3. Fiserv FISV
  4. HubSpot HUBS
  5. Zscaler ZS
  6. Blackbaud BLKB
  7. Fair Isaac FICO
  8. SAP SAP
  9. Fidelity National Information Services FIS
  10. Broadridge Financial Solutions BR
  11. Microsoft MSFT
  12. Broadcom AVGO

To come up with our list of the best tech stocks to buy now, we screened for:

  • Technology stocks that are undervalued, as measured by our price/fair value metric.
  • Stocks that earn narrow or wide Morningstar Economic Moat Ratings. We think companies with narrow economic moat ratings can fight off competitors for at least 10 years; wide-moat companies should remain competitive for 20 years or more.
  • Stocks that earn a Low, Medium, High, or Very High Morningstar Uncertainty Rating, which captures the range of potential outcomes for a company’s fair value.

Here’s a little more about each of the best tech stocks to buy, including commentary from the Morningstar analysts who cover each company. All data is as of March 31, 2026.

Klarna group

  • Morningstar Price/Fair Value: 0.29
  • Morningstar Uncertainty Rating: Very High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Software - Infrastructure

Software infrastructure firm Klarna Group is the most affordable stock on our list of the best tech stocks to buy. Klarna Group PLC is a technology-driven payments company, with operations spanning multiple countries. The stock is trading 71% below our fair value estimate of $45 per share.

Klarna has recently signed multiple agreements with payment services providers, which will significantly broaden its reach as a payment method this year and in the years to come. Growth is what it is all about for Klarna. Its platform is just breaking even, starting to eke out a marginal operating profit, but as its platform ramps up further and its underwriting models are fed more data on shopper behaviors, we think Klarna will turn itself into a profitable staple among fintechs globally.

The PSP agreements will drive a step-up in volume growth and allow Klarna to upsell merchants to its customer conversion tools over time. We are positive on this strategy, as it brings growth at a low margin, but rapid and massive scale, with the upside of growth on the merchant and customer side.

Its growth ambitions focus primarily on the US, a large, homogenous market that is receptive to credit products. That said, Klarna is facing tougher competition in this market already, primarily from card-issuing banks that retain customers through lucrative reward programs. However, Klarna’s BNPL solutions are not a one-to-one equivalent to credit cards. We expect more affluent shoppers to start using Klarna as it grows its visibility on merchants’ checkout pages. More shoppers will start using Klarna as a payment method, feeding Klarna’s network effect.

Its funding profile, using retail deposits to fund its European balance sheet, is a unique feature of Klarna. We think it improves Klarna’s stability. Outside of Europe, we think obtaining local banking licenses is a desirable outcome, but it’s not an easy ask. Convincing regulators of Klarna’s stability and ability to protect depositors will be a long endeavor.

Atlassian

  • Morningstar Price/Fair Value: 0.31
  • Morningstar Uncertainty Rating: Very High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Software - Application

Atlassian produces software that helps teams work together more efficiently and effectively. The firm earns a narrow economic moat rating, and the shares of its stock look 69% undervalued relative to our $220 fair value estimate.

Atlassian endeavors to “unleash the potential of teams” through better planning, project management, and workflow software, and we think its strong momentum is likely to continue in the coming years as the transition to the cloud continues. Atlassian’s original product, Jira, was designed as a workflow solution for software developers that has grown into a richly featured, easy-to-use, inexpensive, easy-to-buy application. The software is often bundled with Confluence, a collaboration tool. The company has also gradually moved upmarket toward enterprise customers, even as it continues to serve customers of all sizes.

Atlassian employs a distinct go-to-market strategy that eschews the traditional enterprise salesforce in favor of a low-cost, low-touch online marketing effort and e-commerce transactions on the firm’s website. Free versions further help drive a large funnel. This is done to simplify the purchasing and onboarding process. Because of the company’s web-based sales model, its sales and marketing expenses are among the lowest among enterprise software peers, leading to solid non-GAAP margins. That said, since sales and marketing expenses are typically the largest cost for software companies, we believe margins can expand significantly as the company matures. In the meantime, management believes its best marketing is a great product that is easy to buy and use that drives viral adoption within an organization once adopted by the first team.

Atlassian has excelled at upselling customers with more seats, additional products, and new use cases, and is also moving clients from on-premises to the cloud. We expect these factors to combine to drive strong top-line growth over the next five years. Retention is strong, and upsell is obvious. In our view, new use cases are critical in driving long-term growth, as the service desk solution is applicable throughout an enterprise, whereas the IT-centric products have a narrower market. To that end, after its 2013 introduction, Jira Service Desk is already the first Atlassian solution that nearly one-fifth of customers land with, as use cases have expanded to human resources and compliance.

Fiserv

  • Morningstar Price/Fair Value: 0.44
  • Morningstar Uncertainty Rating: High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Information Technology Services

Next on our list of the best tech stocks to buy is Fiserv. Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for US banks and credit unions, with a focus on small and midsize banks. The stock is trading at a 56% discount to our fair value estimate of $126 per share.

Fiserv’s merger with First Data in 2019 kicked off a string of three similar deals that took place in short order. While this deal clearly looked like a winner in recent years, the picture is now more cloudy.

First Data had underperformed its peers prior to the merger, as it was weighed down by an excessive debt load stemming from a leveraged buyout just before the financial crisis and the defection of a major bank partner. We believe this meaningfully limited its ability to reinvest and adapt in an industry that continues to evolve. However, resolving its financial issues put the company back on track. Further, Clover, the company’s small-business solution with similarities to Square’s offering, has boosted growth, with volume running at an annualized rate of over $300 billion. Clover offers much stronger pricing and is the type of platform we think the company needs to maintain and build on its leading position in the industry.

While the company’s performance over the past few years has been quite strong, new CEO Michael Lyons recently announced that he believes the company has been underinvesting and overly focused on boosting near-term growth. As a result, he intends to reset the business. This will necessitate greater investment and lower margins in the near term, along with lower growth. Clover remains the centerpiece of management’s growth plans, but even this business will likely see its revenue growth compress. Management’s One Fiserv’s plan is light on details, but the overall trend is clear. Near-term performance will weaken considerably, and 2026 is likely to be something of a transition year.

The covid pandemic did illustrate one potential negative of the merger: The acquiring business is significantly more macrosensitive than Fiserv’s legacy operations. Over the long term, Fiserv’s acquiring operations (and Clover specifically) should still be the company’s strongest engine for growth. Still, successfully resetting the business could be complicated if the macroenvironment sours before the new CEO can put the company back on a more stable path.

HubSpot

  • Morningstar Price/Fair Value: 0.46
  • Morningstar Uncertainty Rating: Very High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Software - Application

HubSpot provides a cloud-based marketing, sales, and customer service software platform referred to as the growth platform. Trading 54% below our fair value estimate, HubSpot has an economic moat rating of narrow. We think shares of this stock are worth $525 per share.

We believe HubSpot is a leader in marketing and sales automation software for the midmarket. We see a long runway for growth as it gathers new customers and continues to move its existing clients up a tiered pricing structure and sell multiple hubs to larger clients. We also see the SMB and midmarket as being underserved by enterprise software providers, as the smaller deal sizes make it harder to serve efficiently. Thus, we believe that HubSpot’s robust and expanding suite has helped carve out a defensible niche.

HubSpot provides a suite of software solutions that helps companies grow “better.” Taken together, the six hubs (marketing, sales, service, operations, content, commerce) combine to create the growth platform. HubSpot operates a “freemium” model that has allowed it to gather hundreds of thousands of free users, with approximately 15% of these moving into paid solutions. From the free version, a three-tiered system emerges, including Starter, Professional, and Enterprise. HubSpot’s goal is to create as wide a funnel as possible for customer gathering, and then move users up the pricing tier as they evolve, and upsell them to additional hubs as their needs change. Loosely two-thirds of annually recurring revenue comes from customers that started as free users, which we think demonstrates successful strategy execution. Approximately 60% of customers are using multiple hubs. Meanwhile, average revenue per customer has been slowly increasing over time.

While we recognize that churn is typically higher for SMB customers than it is for enterprise customers, we see HubSpot as gradually moving up the curve to serve increasingly larger customers. Over the last several years, the company has significantly invested in the platform to make it more suitable for customers with up to 2,000 employees. As customer size increases, we think switching costs strengthen, which is impactful, as enterprise customers generate higher revenue and higher retention than SMB customers. We estimate the Enterprise tier makes up approximately 15% of the paying customer mix, which has slowly ticked up over time.

Zscaler

  • Morningstar Price/Fair Value: 0.47
  • Morningstar Uncertainty Rating: Very High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Software - Infrastructure

Zscaler is a software-as-a-service firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers. The firm earns a narrow economic moat rating, and the shares of its stock look 53% undervalued relative to our $300 fair value estimate.

We see Zscaler as a pioneer and leader in zero-trust security solutions, an area of cybersecurity primed for growth due to secular trends such as increased digitization of enterprises and a convergence of networking and security. We have a positive outlook on Zscaler’s solutions as the firm stands to materially benefit from these trends. The firm has built out a narrow economic moat by developing a sticky product portfolio, as evidenced by its strong net and gross retention metrics.

Zscaler’s bet was that, over time, enterprises would shift their network-traffic routing from a centralized node (typically the headquarters) to a decentralized direct-to-cloud route. Zscaler’s two key solutions, Zscaler Internet Access and Zscaler Private Access, allow firms to directly connect to external and internal resources, respectively, without needing to route traffic through a centralized node. This shift in how network activity is routed comes at a time when an increasingly large share of enterprise workflows are cloud-based, as digital transformations and cloud migrations alter the IT makeup of enterprises.

However, this change in traffic flow has also created a myriad of problems for enterprises. First, as the reliance on cloud-based resources has grown, the amount of network activity generated by these workflows has rapidly increased. Second, by decentralizing network traffic, there is a need for new security apparatuses and methods to secure the traffic. Last, this shift in network traffic is premised on a zero-trust security infrastructure that removes the risk of lateral mobility, a process in which a malicious actor gains access to one application and then uses its credentials to advance onto other applications.

In this shifting landscape, we believe Zscaler’s solutions stand to be winners. The company’s products have found great enterprise demand, with Zscaler able to attract new customers and expand its customer base. While ZIA and ZPA are two key solutions, both of them consist of many individual modules that allow Zscaler to expand revenue from an existing client by either selling it more seats or increasing the usage of its solutions.

Blackbaud

  • Morningstar Price/Fair Value: 0.52
  • Morningstar Uncertainty Rating: Very High
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Software - Application

Founded in 1981, Blackbaud provides software solutions designed to serve the “social good” community, including nonprofits, foundations, corporations, educational institutions, healthcare institutions, and individual change agents. Blackbaud is an affordable tech stock, trading at a 48% discount to our fair value estimate of $74 per share. The software application firm earns a narrow economic moat rating.

We believe Blackbaud is well entrenched in the social good space, providing the broadest portfolio of nonprofit software solutions. We expect the company to continue to benefit from long-standing customers needing a technology-first approach and believe its cloud migration will progressively enable margin expansion. However, we see Blackbaud as more susceptible to cyclical shocks compared with software peers, given its exclusive service to the social good niche. We view this market as mature, with a more muted pace of growth. We view this market as mature, with a more muted pace of growth, which is consistent with management’s long-term outlook.

Blackbaud has expanded its addressable market through acquisitions. This approach has enabled it to become the broadest in the nonprofit vertical; the company is a leading software provider thanks to its comprehensive end-to-end platform, including a searchable database of charitable donors, customer relationship management, fund accounting, and enterprise resource planning functionality. That said, acquisitions carry increased risk, as the Everfi deal demonstrated. Blackbaud enjoys a sticky customer base, with a customer retention percentage in the low 90% area. Here, churn stems from lower survival rates of smaller organizations. We view the stickiness of Blackbaud’s software and the longevity of relationships as critical success factors over the long term.

We are aware of the challenges of the firm expanding into such an extensive portfolio serving the social good sector. While broad, the portfolio is fragmented, with varying levels of offerings across domains. Integration efforts have varied in time and cost, pressuring margins. We characterize the market as mature and sticky, with customers having tighter budgetary constraints. These factors drive some degree of caution around the firm’s growth horizon and long-term margin profile as a premium service in the market.

In our view, the firm has done well to expand margins via pricing and productivity initiatives. We think these programs and management’s consistent focus will continue to bear fruit on the bottom line over the next several years.

Fair Isaac

  • Morningstar Price/Fair Value: 0.53
  • Morningstar Uncertainty Rating: High
  • Morningstar Economic Moat Rating: Wide
  • Industry: Software - Application

Founded in 1956, Fair Isaac Corporation is a leading applied analytics company. Fair Isaac is an affordable tech stock, trading at a 47% discount to our fair value estimate of $2,020 per share. The software application firm earns a wide economic moat rating.

Founded in 1956, Fair Isaac Corporation, or FICO, established itself as the industry leader in credit scores, which turned out to be a very lucrative business. Credit scores are used for more than just individual lending decisions; they are benchmarks used by investors, lenders, and the industry overall.

FICO scores account for about 60% of the firm’s revenue but over 80% of its profit. About 80% of the scores revenue is business-to-business, whereby Fair Isaac sells its scores to lenders. Despite its industry-leading position, Fair Isaac seemed happy for many decades to keep scores pricing stable and generate higher revenue on higher volumes. In 2018, Fair Isaac began revamping its pricing strategy and started to increase pricing on its scores. We expect Fair Isaac to continue to push pricing in multiple categories as it has a strong position. In addition to selling credit scores to lenders, FICO also generates about $220 million in annual revenue from its consumer offerings, where it sells credit scores directly to consumers and through partners such as Experian.

The underlying data for FICO scores is sourced from the three major US credit bureaus (Equifax, Experian, and TransUnion), and as such, FICO scores are typically sold via these three firms. The relationship between the credit bureaus and FICO has ranged from adversarial to chummy. In 2006, the credit bureaus launched a joint venture called VantageScore, but this has failed to displace FICO. With Fair Isaac’s move to a direct licensing model, it aims to potentially disintermediate credit bureaus, which further incentivizes those bureaus to push the competing VantageScore, in our view.

The firm’s software business is diversified across use cases in financial services. Fair Isaac was ahead of the curve, in our view, in focusing on cloud migration in the early 2010s. A key recent focus has been putting its applications on the FICO platform, which is what Fair Isaac refers to as its modern and modular software offering. Retention rates and recurring revenue growth have been strong in recent years, which suggests to us that its software strategy is working.

SAP

  • Morningstar Price/Fair Value: 0.54
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Industry: Software - Application

Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. SAP is an affordable tech stock, trading at a 46% discount to our fair value estimate of $317 per share. The software application firm earns a wide economic moat rating.

SAP is the world’s largest provider of enterprise application software and the global market leader in enterprise resource planning software. The company earns revenue by selling subscriptions for its various cloud-based software-as-a-service products as well as licenses and maintenance fees for on-premises software, which are now being largely phased out. Besides its core ERP products, such as S/4HANA, SAP offers well-known back-office software products such as Concur for travel and expense management and Ariba for procurement.

The company was late to the cloud for ERP software but now offers two compelling products: RISE with SAP, which is the private-cloud edition designed for SAP’s large enterprise customers that are transitioning from their SAP on-premises ERP (ECC) to SAP S/4HANA; and GROW with SAP, which is the public cloud edition that is designed for midmarket companies with less complex requirements. We think GROW with SAP fills an important void in SAP’s product offering, as previously SAP’s ERP software was often unattractive to smaller customers, given the implementation costs were just too high. With the launch of these new products, cloud revenue is growing swiftly, and SAP is capturing many new midmarket customers.

SAP is following a land and expand strategy, which is common in the enterprise software market. RISE with SAP and GROW with SAP are the land products after which the company then upsells and cross-sells more SAP products to these customers, which is much easier in a cloud-based model. The company has yet to release its latest long-term ambitions, but expects revenue growth to accelerate at least through 2027, along with rising margins as the cloud business reaches efficient scale.

Fidelity National Information Services

  • Morningstar Price/Fair Value: 0.55
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Narrow
  • Industry: Information Technology Services

Fidelity National Information Services provides core processing and ancillary services to banks, but its business has expanded over time. Fidelity National Information Services is an affordable tech stock, trading at a 45% discount to our fair value estimate of $85 per share. The information technology services company earns a narrow economic moat rating.

Fidelity National Information Services’ acquisition of Worldpay in 2019 was one of three similar transformational deals that took place in short order. But FIS ultimately decided to undo the Worldpay deal as it struggled with operational issues within the Worldpay business.

Following a period of weak performance, management changed at FIS at the end of 2022. The new team, frustrated with the performance of the Worldpay business, originally decided that FIS would spin off Worldpay. We questioned whether the spinoff was the correct move. FIS’ peers, Fiserv and Global Payments, have not faced the issues that have plagued FIS. To us, this suggests Worldpay’s issues stemmed more from operational missteps (specifically underinvestment in the small and medium-size business space) and that the strategy behind the combination was not necessarily flawed.

Management later decided to sell a 55% stake in Worldpay to the private firm GTCR instead. More recently, FIS agreed to sell its remaining minority stake to Global Payments in exchange for Global Payments’ issuer processing business.

After a somewhat drawn-out process, FIS has now come full circle and has returned to being primarily a bank tech provider, along with complementary issuer processing and capital markets businesses. The overall business should be relatively predictable and stable, and we believe the bank tech segment has the strongest moat among FIS’ businesses. Additionally, following its most recent deal, management is more focused on deleveraging and ultimately capital return, and large-scale acquisitions appear to be off the table. We see the merits of transitioning the business toward a cash cow approach, but this pivot does come at the cost of lower growth.

Broadridge Financial Solutions

  • Morningstar Price/Fair Value: 0.56
  • Morningstar Uncertainty Rating: Low
  • Morningstar Economic Moat Rating: Wide
  • Industry: Information Technology Services

Broadridge Financial Solutions, which was spun off from Automatic Data Processing in 2007, is a leading provider of investor communication and technology-driven solutions to banks, broker/dealers, traditional and alternative-asset managers, wealth managers, and corporate issuers. The firm earns a wide economic moat rating, and the shares of its stock look 44% undervalued relative to our $290 fair value estimate.

Broadridge Financial Solutions has been the dominant proxy and interim services provider for broker/dealers for more than 20 years. Its regulated proxy and interim business is its crown jewel, and a disproportionate amount of its net income comes from its fiscal third and fourth quarters during proxy season. Broadridge generates over 30% of its fee revenue and EBITDA from its global technology and operations segment, which provides securities processing solutions. Broadridge has benefited from higher engagement of retail investors through higher position growth and elevated trading volume.

Since its spinoff from Automatic Data Processing in 2007, Broadridge has streamlined its operations and expanded into adjacent markets. After years of losses in its clearing business, Broadridge sold it to Penson Worldwide in 2010. Expanding on its mailing, data security, and processing capabilities, Broadridge has completed over 30 acquisitions since 2010. Notable purchases include DST’s North American customer communications business for $410 million in 2016 and RPM Technologies for $300 million in 2019. The NACC business provides print and digital communication solutions, content management, postal optimization, and fulfillment to a variety of sectors, including financial services, utilities, and healthcare. RPM provides enterprise wealth-management software solutions and services. In 2021, Broadridge acquired Itiviti, a provider of order and execution management trading software and order routing, networking, and connectivity solutions, for $2.5 billion, which was pricey, in our view.

During its December 2023 investor day, Broadridge laid out three-year annual goals including recurring revenue growth of 7%-9% (organic 5%-8%), adjusted operating margin expansion of at least 50 basis points, and adjusted earnings per share growth of 8%-12%. These targets are similar to its prior three-year goals, which Broadridge largely achieved.

Microsoft

  • Morningstar Price/Fair Value: 0.62
  • Morningstar Uncertainty Rating: Medium
  • Morningstar Economic Moat Rating: Wide
  • Industry: Software - Infrastructure

Microsoft develops and licenses consumer and enterprise software. Microsoft is an affordable tech stock, trading at a 38% discount to our fair value estimate of $600 per share. The software infrastructure firm earns a wide economic moat rating.

Microsoft is one of three public cloud providers that can deliver a wide variety of PaaS/IaaS solutions at scale. Based on its investment in OpenAI, the company has also emerged as a leader in AI. Microsoft has also enjoyed great success in upselling users on higher-priced Office 365 versions, notably to include advanced telephony features. These factors have combined to drive a more focused company that offers impressive revenue growth with high and expanding margins and deepening ties with customers.

We believe that Azure is the centerpiece of the new Microsoft. Even though we estimate it is already an approximately $75 billion business, it is still growing at approximately 30% annually. Azure has several distinct advantages, including that it offers customers a painless way to experiment and move select workloads to the cloud, creating seamless hybrid cloud environments. Since existing customers remain in the same Microsoft environment, applications and data are easily moved from on-premises to the cloud. Microsoft can also leverage its massive installed base of all Microsoft solutions as a touch point for an Azure move. Azure also is an excellent launching point for secular trends in AI, business intelligence, and Internet of Things, as it continues to launch new services centered around these broad themes.

Microsoft is also shifting its traditional on-premises products to become cloud-based SaaS solutions. Critical applications include LinkedIn, Office 365, Dynamics 365, and the Power platform, with these moves now beyond the halfway point and no longer a financial drag. Office 365 retains its virtual monopoly in office productivity software, which we do not expect to change in the foreseeable future. Lastly, the company is also pushing its gaming business increasingly toward recurring revenues and residing in the cloud. We believe that customers will continue to drive the transition from on-premises to cloud solutions, and revenue growth will remain robust with margins continuing to improve for the next several years.

Broadcom

  • Morningstar Price/Fair Value: 0.62
  • Morningstar Uncertainty Rating: High
  • Morningstar Economic Moat Rating: Wide
  • Industry: Semiconductors

Semiconductor company Broadcom rounds out our list of best tech stocks to buy. Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. The stock is 38% undervalued relative to our fair value estimate of $500 per share.

Broadcom is an amalgamation of high-value, differentiated, and moaty chip and software businesses. Put simply, Broadcom is a prolific generator of cash flow. It is a terrific aggregator of firms, big and small. Its ability to acquire and streamline generates strong profits and cash flow and fuels robust shareholder returns. We laud the company for its execution and operating efficiency, which build upon its large organic investment and help it to outperform its end markets organically.

In our view, Broadcom’s networking and custom chip businesses are its strongest and the primary drivers of the company’s wide economic moat and results. We expect it to retain a dominant position in merchant silicon for switching and routing applications, where we see it as best-of-breed for high speeds. We also expect it to hold a formidable position in custom artificial intelligence accelerators, as it benefits from hyperscale cloud vendors building chips to reduce their reliance on Nvidia. We see Broadcom as the key secondary AI compute vendor to Nvidia as hyperscalers further pursue custom silicon to gain performance, save money, and avoid vendor lock-in.

Outside of chips, Broadcom’s software businesses sell virtualization software, mainframe software, and cybersecurity software, and we see its offerings as highly competitive. Broadcom’s focus on strategic large software customers like financial institutions, governments, and large enterprises—where it is deeply embedded—elicits steep switching costs. We also see upselling opportunities with VMware under the firm’s belt.

We expect Broadcom to grow rapidly as a result of its skyrocketing AI chip business. We believe AI is already the primary driver of Broadcom’s results. To us, an investment in Broadcom today is an investment in its AI chip and networking businesses. Outside of AI, we see more moderate growth led by VMware and non-AI networking. We expect acquisitions to still be on Broadcom’s radar, but perhaps with larger, less frequent deals. After the 2023 VMware purchase, we expect the company to focus on deleveraging for a couple of years before tapping the acquisition market again.