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Research by Aryan Nejabati

Articles written by or contributed to by Aryan Nejabati.

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Broadcom

Bullish on Broadcom as the market seems to under-appreciate how durable and diversified its AI exposure is, the upside being present from not only chip designing but also its networking and large recurring revenue from its stable software business after the acquisition of VMware. The thesis is that the current relations with hyperscalers will only grow with the combination of new partners with AI labs, with software cash flows helping offset any cyclicality.

Aryan Nejabati26 Mar 2026

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Nokia

Nokia is a global network infrastructure and software company, based in Finland. It sells to operators, hyperscalers, enterprises and governments, and also licenses its patents. It has recently reorganised its business structure in 2026: Network Infrastructure (~40% of sales), which includes optical and IP networks, with optical up 20% y-o-y; Mobile Infrastructure (~56% of sales), supplying the RAN and core systems behind 4G/5G networks; and Portfolio Business, a small set of units where operations are being wound down.

Aryan Nejabati18 Jul 2026