Broadcom

-12.75%

Live  

Broadcom is an American multinational corporation that designs and manufactures semiconductor and infrastructure software solutions. The company was founded in 1991 and is headquartered in San Jose, California.
Broadcom specializes in a wide range of products including networking, wireless, and broadband solutions, as well as data center and storage products. They have a strong focus on innovation and invest heavily in research and development to stay at the forefront of technological advancements.
The company has a global presence, with operations in over 35 countries and approximately 15,000 employees worldwide. They serve a diverse customer base, ranging from large corporations to small businesses and individuals.
Broadcom has a history of strategic acquisitions and partnerships, allowing them to expand their product offerings and technology capabilities. They are committed to sustainability and have implemented environmentally friendly practices in their operations.
In addition to their technology focus, Broadcom also has a strong commitment to corporate responsibility, supporting various social and charitable causes in the communities they operate in.

QnJvYWRjb2 0gaXMgYSBi aWcgY29tcG FueSB0aGF0 IG1ha2VzIG ltcG9ydGFu dCBwYXJ0cy Bmb3IgdGVj aG5vbG9neS wgbGlrZSB0 aGUgY2hpcH MgaW5zaWRl IHNtYXJ0cG hvbmVzLCB0 YWJsZXRzLC BhbmQgY29t cHV0ZXJzLi BUaGluayBv ZiB0aGVzZS BjaGlwcyBh cyB0aGUgYn JhaW5zIG9m IGRldmljZX M7IHRoZXkg aGVscCB0aG VtIHdvcmsg YmV0dGVyIG FuZCBmYXN0 ZXIuIDxicj 5Ccm9hZGNv bSBtYWtlcy Btb25leSBt b3N0bHkgYn kgc2VsbGlu ZyB0aGVzZS BjaGlwcyB0 byBvdGhlci Bjb21wYW5p ZXMgdGhhdC B1c2UgdGhl bSB0byBjcm VhdGUgdGhl aXIgb3duIH Byb2R1Y3Rz LiBGb3IgZX hhbXBsZSwg d2hlbiBhIG 5ldyBzbWFy dHBob25lIG lzIG1hZGUs IGl0IG1pZ2 h0IGhhdmUg QnJvYWRjb2 0gY2hpcHMg aW5zaWRlIG l0LiBTbywg d2hlbiBwZW 9wbGUgYnV5 IHRoZXNlIG RldmljZXMs IEJyb2FkY2 9tIGdldHMg cGFpZCBmb3 IgdGhlIGNo aXBzIGl0IG 1hZGUuPGJy PkJyb2FkY2 9tIGlzIHN1 Y2Nlc3NmdW wgZm9yIGEg ZmV3IHJlYX NvbnMuIEZp cnN0LCB0ZW Nobm9sb2d5 IGlzIGV2ZX J5d2hlcmUs IGFuZCBtb3 JlIGRldmlj ZXMgYXJlIG JlaW5nIG1h ZGUgZXZlcn kgZGF5LCB3 aGljaCBtZW FucyB0aGVy ZeKAmXMgYS BiaWcgZGVt YW5kIGZvci BjaGlwcy4g U2Vjb25kLC BCcm9hZGNv bSBpcyByZW FsbHkgZ29v ZCBhdCBtYW tpbmcgaGln aC1xdWFsaX R5IGNoaXBz IHRoYXQgaG VscCBkZXZp Y2VzIGNvbW 11bmljYXRl LCBjb25uZW N0IHRvIHRo ZSBpbnRlcm 5ldCwgYW5k IHJ1biBhcH BsaWNhdGlv bnMgc21vb3 RobHkuIExh c3RseSwgdG hlIGNvbXBh bnkga2VlcH MgaW5ub3Zh dGluZywgd2 hpY2ggbWVh bnMgaXTigJ lzIGFsd2F5 cyBjb21pbm cgdXAgd2l0 aCBuZXcgYW 5kIGJldHRl ciB0ZWNobm 9sb2d5IHRv IHN0YXkgYW hlYWQgb2Yg aXRzIGNvbX BldGl0b3Jz Ljxicj5Mb2 9raW5nIHRv IHRoZSBmdX R1cmUsIEJy b2FkY29tIG lzIGxpa2Vs eSB0byBjb2 50aW51ZSBi ZWluZyBzdW NjZXNzZnVs IGJlY2F1c2 UgdGVjaG5v bG9neSBpcy BhbHdheXMg YWR2YW5jaW 5nLCBhbmQg dGhpbmdzIG xpa2UgNUcg aW50ZXJuZX QgYW5kIHNt YXJ0IGRldm ljZXMgYXJl IGJlY29taW 5nIGluY3Jl YXNpbmdseS Bwb3B1bGFy LiBTaW5jZS BCcm9hZGNv bSBwcm92aW RlcyB0aGUg cGFydHMgdG hhdCBoZWxw IGNyZWF0ZS B0aGVzZSB0 ZWNobm9sb2 dpZXMsIGl0 IHdpbGwgbG lrZWx5IGtl ZXAgbWFraW 5nIG1vbmV5 IGFzIG1vcm UgYW5kIG1v cmUgZGV2aW NlcyBuZWVk IGl0cyBjaG lwcy48YnI+

MS4gV2lkZS BSYW5nZSBv ZiBQcm9kdW N0czogQnJv YWRjb20gb2 ZmZXJzIGEg ZGl2ZXJzZS Bwb3J0Zm9s aW8gb2YgcH JvZHVjdHMs IGluY2x1ZG luZyBzZW1p Y29uZHVjdG 9ycywgc29m dHdhcmUsIG FuZCBvdGhl ciBlbGVjdH JvbmljIGNv bXBvbmVudH MuIFRoaXMg YWxsb3dzIH RoZSBjb21w YW55IHRvIG NhdGVyIHRv IHZhcmlvdX MgaW5kdXN0 cmllcywgaW 5jbHVkaW5n IG5ldHdvcm tpbmcsIHN0 b3JhZ2UsIG NvbXB1dGlu ZywgYW5kIG luZHVzdHJp YWwgc2VjdG 9ycy48YnI+ Mi4gRm9jdX Mgb24gSW5u b3ZhdGlvbj ogQnJvYWRj b20gaGFzIG Egc3Ryb25n IGZvY3VzIG 9uIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCwgaW 52ZXN0aW5n IGhlYXZpbH kgaW4gbmV3 IHRlY2hub2 xvZ2llcyBh bmQgc29sdX Rpb25zLiBU aGlzIGhhcy BoZWxwZWQg dGhlIGNvbX Bhbnkgc3Rh eSBhdCB0aG UgZm9yZWZy b250IG9mIH RoZSByYXBp ZGx5IGV2b2 x2aW5nIHNl bWljb25kdW N0b3IgaW5k dXN0cnkuPG JyPjMuIFN0 cm9uZyBNYX JrZXQgUG9z aXRpb246IF dpdGggb3Zl ciAxNSwwMD AgcGF0ZW50 cyBhbmQgbW 9yZSB0aGFu ICQyMiBiaW xsaW9uIGlu IHJldmVudW UsIEJyb2Fk Y29tIGhhcy BhIGRvbWlu YW50IHBvc2 l0aW9uIGlu IHRoZSBzZW 1pY29uZHVj dG9yIG1hcm tldCwgbWFr aW5nIGl0IG 9uZSBvZiB0 aGUgbGFyZ2 VzdCBwbGF5 ZXJzIGluIH RoZSBpbmR1 c3RyeS48Yn I+NC4gR2xv YmFsIFByZX NlbmNlOiBC cm9hZGNvbS BoYXMgYSBz dHJvbmcgZ2 xvYmFsIHBy ZXNlbmNlLC B3aXRoIG9w ZXJhdGlvbn MgaW4gb3Zl ciAzMCBjb3 VudHJpZXMg YW5kIHNhbG VzIGluIG92 ZXIgMTMwIG NvdW50cmll cy4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Y2F0ZXIgdG 8gZGl2ZXJz ZSBtYXJrZX RzIGFuZCBz dHJlbmd0aG VucyBpdHMg Y29tcGV0aX RpdmUgYWR2 YW50YWdlLj xicj41LiBD dXN0b21lci BGb2N1czog QnJvYWRjb2 0gaGFzIGEg Y3VzdG9tZX ItY2VudHJp YyBhcHByb2 FjaCBhbmQg c3RyaXZlcy B0byB1bmRl cnN0YW5kIG FuZCBtZWV0 IHRoZSBzcG VjaWZpYyBu ZWVkcyBvZi BpdHMgY2xp ZW50cy4gVG hpcyBoYXMg aGVscGVkIH RoZSBjb21w YW55IGJ1aW xkIGxvbmct bGFzdGluZy ByZWxhdGlv bnNoaXBzIH dpdGggaXRz IGN1c3RvbW VycyBhbmQg cHJvdmlkZS BjdXN0b21p emVkIHNvbH V0aW9ucy48 YnI+Ni4gQW NxdWlzaXRp b25zIGFuZC BQYXJ0bmVy c2hpcHM6IE Jyb2FkY29t IGhhcyBhIG hpc3Rvcnkg b2Ygc3RyYX RlZ2ljIGFj cXVpc2l0aW 9ucyBhbmQg cGFydG5lcn NoaXBzLCBh bGxvd2luZy B0aGUgY29t cGFueSB0by BleHBhbmQg aXRzIHByb2 R1Y3Qgb2Zm ZXJpbmdzLC BlbnRlciBu ZXcgbWFya2 V0cywgYW5k IHN0cmVuZ3 RoZW4gaXRz IHBvc2l0aW 9uIGluIHRo ZSBpbmR1c3 RyeS48YnI+ Ny4gU3VzdG FpbmFiaWxp dHk6IEJyb2 FkY29tIGlz IGNvbW1pdH RlZCB0byBy ZWR1Y2luZy BpdHMgZW52 aXJvbm1lbn RhbCBpbXBh Y3QgYnkgaW 1wbGVtZW50 aW5nIHN1c3 RhaW5hYmxl IHByYWN0aW NlcyBpbiBp dHMgb3Blcm F0aW9ucywg cHJvZHVjdH MsIGFuZCBz dXBwbHkgY2 hhaW4uIFRo ZSBjb21wYW 55IGhhcyBi ZWVuIHJlY2 9nbml6ZWQg Zm9yIGl0cy BlZmZvcnRz IGluIHN1c3 RhaW5hYmls aXR5IGFuZC Bjb3Jwb3Jh dGUgcmVzcG 9uc2liaWxp dHkuPGJyPj guIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IEJyb2Fk Y29tIGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggc2 lnbmlmaWNh bnQgcmV2ZW 51ZSBncm93 dGggYW5kIH Byb2ZpdGFi aWxpdHkuIF RoaXMgYXR0 cmFjdHMgaW 52ZXN0b3Jz IGFuZCBwcm 92aWRlcyBz dGFiaWxpdH kgZm9yIHRo ZSBjb21wYW 55J3Mgb3Bl cmF0aW9ucy BhbmQgZnV0 dXJlIGdyb3 d0aCBwcm9z cGVjdHMu

VGhlIEJyb2 FkY29tIGNv bXBhbnkncy BidXNpbmVz cyBtb2RlbC BpcyBiYXNl ZCBvbiBkZX NpZ25pbmcg YW5kIG1hbn VmYWN0dXJp bmcgc2VtaW NvbmR1Y3Rv ciBhbmQgaW 5mcmFzdHJ1 Y3R1cmUgc2 9mdHdhcmUg c29sdXRpb2 5zIGZvciBh IHdpZGUgcm FuZ2Ugb2Yg aW5kdXN0cm llcywgaW5j bHVkaW5nIG 5ldHdvcmtp bmcsIHN0b3 JhZ2UsIHdp cmVsZXNzLC BhbmQgYnJv YWRiYW5kLi BUaGV5IGZv Y3VzIG9uIG RlbGl2ZXJp bmcgaGlnaC 1wZXJmb3Jt YW5jZSwgbG 93LXBvd2Vy LCBhbmQgY2 9zdC1lZmZl Y3RpdmUgc2 9sdXRpb25z IGZvciB0aG VpciBjdXN0 b21lcnMuIF RoZWlyIHBy b2R1Y3RzIG FyZSB1c2Vk IGluIG1hbn kgZGlmZmVy ZW50IGRldm ljZXMsIGlu Y2x1ZGluZy BzbWFydHBo b25lcywgZG F0YSBjZW50 ZXJzLCBhbm QgYXV0b21v YmlsZXMuIF RoZXkgYWxz byBoYXZlIG Egc3Ryb25n IGZvY3VzIG 9uIHJlc2Vh cmNoIGFuZC BkZXZlbG9w bWVudCB0by BzdGF5IGF0 IHRoZSBmb3 JlZnJvbnQg b2YgdGVjaG 5vbG9naWNh bCBhZHZhbm NlbWVudCBh bmQgbWVldC B0aGUgZXZv bHZpbmcgbm VlZHMgb2Yg dGhlaXIgY3 VzdG9tZXJz LiBJbiBhZG RpdGlvbiwg QnJvYWRjb2 0gdXRpbGl6 ZXMgYSBjb2 1iaW5hdGlv biBvZiBvcm dhbmljIGdy b3d0aCBhbm Qgc3RyYXRl Z2ljIGFjcX Vpc2l0aW9u cyB0byBleH BhbmQgdGhl aXIgcHJvZH VjdCBvZmZl cmluZ3MgYW 5kIG1hcmtl dCByZWFjaC 4=

The potential impact of AI on Broadcom’s products, services, and competitive positioning can be analyzed through several lenses, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies could lead to the development of alternative solutions that might replace certain hardware products. For example, in areas such as networking, AI-driven software solutions might provide functionalities that traditionally relied on Broadcom’s semiconductor products. If these AI solutions become advanced enough to fulfill the same roles as hardware, Broadcom could face challenges in maintaining market share in certain segments.
2. Disintermediation: The use of AI could streamline various processes in the semiconductor and networking industries, potentially reducing the need for certain traditional hardware components. Companies might leverage AI to optimize performance and increase efficiency, which could reduce the demand for Broadcom’s components. However, disintermediation may also create opportunities for Broadcom if they can integrate AI capabilities into their products, thereby enhancing their value.
3. Margin Pressure: The integration of AI might drive down prices in various markets, especially if competitors develop more efficient AI-driven solutions. As technology evolves, customers may expect higher performance at lower price points, which could lead to margin compression for Broadcom. The company would need to invest in R&D to keep up with advances in AI and ensure that their products remain competitive in terms of both functionality and price.
In summary, while AI poses potential risks in terms of substitution, disintermediation, and margin pressure for Broadcom, it also presents an opportunity for innovation. Broadcom’s ability to adapt and integrate AI into its offerings will be crucial in maintaining its competitive position in the market.

Broadcom’s earnings, cash flow, and valuation are significantly influenced by changes in interest rates due to several interconnected factors.
Firstly, the cost of capital is directly affected by interest rates. When rates rise, borrowing costs increase for companies, which can lead to higher expenses for financing operations or expansion projects. If interest payments rise, this can squeeze profit margins, particularly if the company is heavily reliant on debt.
Secondly, interest rates affect consumer spending and business investment. Higher interest rates typically lead to reduced consumer borrowing and spending, which can negatively impact demand for Broadcom’s products, especially in sectors like consumer electronics and telecommunications. Additionally, businesses may delay or reduce capital expenditures when financing costs are higher, impacting Broadcom’s sales and revenue growth.
Moreover, valuation is sensitive to interest rates because equity valuations often incorporate discounted cash flow analysis. Higher interest rates can lead to an increase in the discount rate applied to future cash flows, effectively reducing the present value of those cash flows. This could result in a lower market valuation for Broadcom if investors adjust their expectations accordingly.
In summary, increases in interest rates can lead to higher borrowing costs, reduced consumer and business demand, and lower valuations due to changes in discount rates, all of which can negatively impact Broadcom’s earnings, cash flow, and overall financial performance.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BCcm9hZGNv beKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaXMg YSBzaWduaW ZpY2FudCBh bmQgcHJvbG 9uZ2VkIGRv d250dXJuIG luIHRoZSBz ZW1pY29uZH VjdG9yIGlu ZHVzdHJ5IG R1ZSB0byBt dWx0aXBsZS Bjb252ZXJn aW5nIGZhY3 RvcnMuIFRo ZXNlIGZhY3 RvcnMgbWln aHQgaW5jbH VkZSBnbG9i YWwgc3VwcG x5IGNoYWlu IGRpc3J1cH Rpb25zLCBh IHNoYXJwIG RlY2xpbmUg aW4gZGVtYW 5kIGZvciBz ZW1pY29uZH VjdG9yIHBy b2R1Y3RzIG R1ZSB0byBl Y29ub21pYy ByZWNlc3Np b24sIGFnZ3 Jlc3NpdmUg Y29tcGV0aX Rpb24gbGVh ZGluZyB0by BwcmljZSB3 YXJzLCBhbm QgcG90ZW50 aWFsIHJlZ3 VsYXRvcnkg Y2hhbmdlcy BpbXBhY3Rp bmcgdGVjaG 5vbG9neSBl eHBvcnRzLC Blc3BlY2lh bGx5IGluIG tleSBtYXJr ZXRzIGxpa2 UgQ2hpbmEu PGJyPklmIH N1Y2ggYSBz Y2VuYXJpby B3ZXJlIHRv IHVuZm9sZC wgdGhlIGlt cGFjdCBvbi BCcm9hZGNv beKAmXMgbW FyZ2lucywg Y2FzaCBmbG 93LCBhbmQg YmFsYW5jZS BzaGVldCBj b3VsZCBiZS BhcyBmb2xs b3dzOjxicj 4xLiA8c3Ry b25nPk1hcm dpbnM8L3N0 cm9uZz46IE Jyb2FkY29t 4oCZcyBwcm 9maXQgbWFy Z2lucyB3b3 VsZCBsaWtl bHkgc2hyaW 5rIGR1ZSB0 byBkZWNyZW FzZWQgZGVt YW5kIGZvci BpdHMgcHJv ZHVjdHMsIG NvbXBlbGxp bmcgdGhlIG NvbXBhbnkg dG8gbG93ZX IgcHJpY2Vz IHRvIG1haW 50YWluIG1h cmtldCBzaG FyZS4gQWRk aXRpb25hbG x5LCBpbmNy ZWFzZWQgb3 BlcmF0aW9u YWwgY29zdH Mgc3RlbW1p bmcgZnJvbS BzdXBwbHkg Y2hhaW4gY2 hhbGxlbmdl cyBjb3VsZC BmdXJ0aGVy IHByZXNzdX JlIG1hcmdp bnMuIEFzIG EgcmVzdWx0 LCBncm9zcy BtYXJnaW5z IGNvdWxkIG RlY2xpbmUg c2lnbmlmaW NhbnRseSwg cG90ZW50aW FsbHkgZHJv cHBpbmcgYn kgc2V2ZXJh bCBwZXJjZW 50YWdlIHBv aW50cy48Yn I+Mi4gPHN0 cm9uZz5DYX NoIEZsb3c8 L3N0cm9uZz 46IFRoZSBj b21wYW554o CZcyBjYXNo IGZsb3cgd2 91bGQgYWxz byBiZSBhZH ZlcnNlbHkg aW1wYWN0ZW QuIFdpdGgg bG93ZXIgcm V2ZW51ZXMg c3RlbW1pbm cgZnJvbSBk aW1pbmlzaG VkIHNhbGVz IGFuZCByZW R1Y2VkIGF2 ZXJhZ2Ugc2 VsbGluZyBw cmljZXMgKE FTUHMpLCBv cGVyYXRpbm cgY2FzaCBm bG93IGNvdW xkIGRlY2xp bmUgc3Vic3 RhbnRpYWxs eS4gRnVydG hlcm1vcmUs IGlmIEJyb2 FkY29tIHdl cmUgdG8gaW 5jcmVhc2Ug Y2FwaXRhbC BleHBlbmRp dHVyZXMgdG 8gaW5ub3Zh dGUgb3IgaW 1wcm92ZSBl ZmZpY2llbm N5IGluIHJl c3BvbnNlIH RvIGNvbXBl dGl0aW9uLC BpdHMgZnJl ZSBjYXNoIG Zsb3cgY291 bGQgdHVybi BuZWdhdGl2 ZS4gVGhpcy Bjb3VsZCBo aW5kZXIgdG hlIGNvbXBh bnnigJlzIG NhcGFjaXR5 IHRvIGludm VzdCBpbiBn cm93dGggaW 5pdGlhdGl2 ZXMgb3Igcm V0dXJuIGNh cGl0YWwgdG 8gc2hhcmVo b2xkZXJzLC BmdXJ0aGVy IHdlYWtlbm luZyBpbnZl c3RvciBjb2 5maWRlbmNl Ljxicj4zLi A8c3Ryb25n PkJhbGFuY2 UgU2hlZXQ8 L3N0cm9uZz 46IE9uIHRo ZSBiYWxhbm NlIHNoZWV0 LCB0aGUgZW ZmZWN0cyBv ZiByZWR1Y2 VkIGNhc2gg ZmxvdyBjb3 VsZCBsZWFk IHRvIGluY3 JlYXNlZCBs ZXZlcmFnZS wgYXMgQnJv YWRjb20gbW lnaHQgcmVz b3J0IHRvIG RlYnQgZmlu YW5jaW5nIH RvIGNvdmVy IG9wZXJhdG lvbmFsIGNv c3RzIGFuZC BtYWludGFp biBsaXF1aW RpdHkuIFRo aXMgY291bG QgcmVzdWx0 IGluIGEgaG lnaGVyIGRl YnQtdG8tZX F1aXR5IHJh dGlvLCB3aG ljaCB3b3Vs ZCBjb25jZX JuIGludmVz dG9ycyBhbm QgY3JlZGl0 IHJhdGluZy BhZ2VuY2ll cy4gQWRkaX Rpb25hbGx5 LCBpZiBCcm 9hZGNvbeKA mXMgaW52ZW 50b3J5IGxl dmVscyByaX NlIGR1ZSB0 byB1bnNvbG QgcHJvZHVj dHMgYW1pZC BkZWNsaW5p bmcgZGVtYW 5kLCBpdCBt YXkgbmVlZC B0byB3cml0 ZSBkb3duIH RoZSB2YWx1 ZSBvZiBpdH MgaW52ZW50 b3J5LCBpbX BhY3Rpbmcg Ym90aCBhc3 NldHMgYW5k IGVxdWl0eS 48YnI+SW4g dGhpcyBzY2 VuYXJpbywg QnJvYWRjb2 0gY291bGQg ZmFjZSBhIH Byb2xvbmdl ZCBwZXJpb2 Qgb2YgZmlu YW5jaWFsIH N0cmFpbiwg d2l0aCBjaG FsbGVuZ2Vz IGluIHJlY2 92ZXJpbmcg aXRzIHByZX Zpb3VzIGxl dmVscyBvZi Bwcm9maXRh YmlsaXR5IG FuZCBncm93 dGgsIHVsdG ltYXRlbHkg aW1wYWN0aW 5nIGl0cyBt YXJrZXQgcG 9zaXRpb24g YW5kIGxvbm ctdGVybSBz dXN0YWluYW JpbGl0eS48 YnI+

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvSH ZMSUZJRGlI UTJ3WmVYeE ZDRW0ud2Vi cCIgYWx0PS JCcm9hZGNv bSIgdGl0bG U9IkJyb2Fk Y29tIiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IEJy b2FkY29tPw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+TpSBHZX Qgb3VyIGZy ZWUgZUJvb2 sgbm93OiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnUW5KdllX IFJqYjIwZ1 EyOXkgY0c5 eVlYUnBiMi A0Z2QyRnpJ R1p2IGRXNW taV1FnYVcg NGdNVGs1TV NCaSBlU0JJ Wlc1eWVTIE JUWVcxMVpX eHAgSUdGdV pDQklaVyA1 eWVTQk9hV0 5vIGIyeGhj eUJKU1Uga3 NJSFIzYnlC aCBiSFZ0Ym 1rZ1puIEp2 YlNCMGFHVW cgVlc1cGRt VnljMiBsMG VTQnZaaUJE IFlXeHBabT l5Ym0gbGhM Q0JNYjNNZy BRVzVuWld4 bGN5IEFvVl VOTVFTa3Ug UEdKeVBqSX VJRiBSb1pT QmpiMjF3IF lXNTU0b0Na Y3kgQm9aV0 ZrY1hWaCBj blJsY25NZ1 lYIEpsSUd4 dlkyRjAgWl dRZ2FXNGdV MiBGdUlFcH ZjMlVzIElF TmhiR2xtYj MgSnVhV0V1 UEdKeSBQak 11SUVKeWIy IEZrWTI5dD RvQ1ogY3lC dmNtbG5hVy A1aGJDQnVZ VzFsIElIZG hjeUJDY20g OWhaR0poYm 1RZyBRMjl0 YlhWdWFXIE 5oZEdsdmJu TXMgSUdKMW RDQnBkQyBC M1lYTWdiR0 YwIFpYSWdZ MmhoYm0gZG xaQ0IwYnlC QyBjbTloWk dOdmJTIEJw YmlBeE9Uaz EgTGp4aWNq NDBMaSBCVW FHVWdZMjl0 IGNHRnVlZU tBbVggTWda bWx5YzNRZy BjSEp2WkhW amRDIEIzWV hNZ1lTQm8g YVdkb0xYTn daVyBWa0lH MXZaR1Z0IE lHTm9hWEFn ZEcgaGhkQ0 IwY21GdSBj MjFwZEhSbF pDIEJrWVhS aElHOTIgWl hJZ2RHVnNa WCBCb2IyNW xJR3hwIGJt VnpMQ0J3Y2 0gOTJhV1Jw Ym1jZyBabU Z6ZEdWeUlH IGx1ZEdWeW JtVjAgSUdO dmJtNWxZMy BScGIyNXpJ SFJ2IElIVn paWEp6TGog eGljajQxTG lCSiBiaUF4 T1RrNExDIE JDY205aFpH TnYgYlNCaF kzRjFhWCBK bFpDQmhJRz FoIGFtOXlJ SE5sYlcgbG piMjVrZFdO MCBiM0lnWT I5dGNHIEZ1 ZVNCallXeH MgWldRZ1Iy eHZZbSBGc0 lGWnBiR3ho IFoyVWdRMj l0YlggVnVh V05oZEdsdi BiaUJtYjNJ Z0pEIFl5SU cxcGJHeHAg YjI0dVBHSn lQaiBZdUlF SnliMkZrIF kyOXRJSGRs Ym4gUWdjSF ZpYkdsaiBJ R2x1SURFNU 9UIGdnWVc1 a0lISmggYV hObFpDQnZk bSBWeUlDUT BJR0pwIGJH eHBiMjRnYV cgNGdhWFJ6 SUdsdSBhWF JwWVd3Z2NI IFZpYkdsak lHOW0gWm1W eWFXNW5JQy BoSlVFOHBM aUJVIGFHbH pJSGRoY3kg QnZibVVnYj JZZyBkR2hs SUd4aGNtIG RsYzNRZ1NW QlAgY3lCcG JpQjBhRyBV Z2FHbHpkRz l5IGVTQnZa aUIwYUcgVW dkR1ZqYUc1 diBiRzluZV NCcGJtIFIx YzNSeWVTND ggWW5JK055 NGdRbiBKdl lXUmpiMjNp IGdKbHpJR1 pwY24gTjBJ RzFoYW05eS BJSE4xWTJO bGMzIE1nWT JGdFpTQnAg YmlBeU1EQX pJSCBkb1pX NGdhWFFnIG FXNTBjbTlr ZFcgTmxaQ0 IwYUdVZyBa bWx5YzNRZ2 MyIGx1WjJ4 bExXTm8gYV hBZ09EQXlM aiBFeFp5Ql hhUzFHIGFT QnpiMngxZE cgbHZiaTRn VkdocCBjeU J3Y205a2RX IE4wSUhkaG N5QjMgYVdS bGJIa2dZVy BSdmNIUmxa Q0JpIGVTQn RZV3B2Y2kg QnNZWEIwYj NBZyBiV0Z1 ZFdaaFkzIF IxY21WeWN5 d2cgYkdWaF pHbHVaeSBC MGJ5QnphV2 R1IGFXWnBZ MkZ1ZEMgQm 5jbTkzZEdn ZyBabTl5SU hSb1pTIEJq YjIxd1lXNT UgTGp4aWNq NDRMaSBCQ2 NtOWhaR052 IGJlS0FtWE 1nYlcgRnBi aUJtYjJOMS BjeUJwY3lC dmJpIEIwYU dVZ1pHVjIg Wld4dmNHMW xibiBRZ1lX NWtJSEJ5IG IyUjFZM1Jw YjIgNGdiMl lnYzJWdCBh V052Ym1SMV kzIFJ2Y25N Z1ptOXkgSU hkcGNtVnNa WCBOeklHRn VaQ0IzIGFY SmxaQ0JqYj IgMXRkVzVw WTJGMCBhVz l1SUdGd2NH IHhwWTJGMG FXOXUgY3l3 Z2MzVmphQy BCaGN5Qlhh UzFHIGFTd2 dRbXgxWlgg UnZiM1JvTE NCaCBibVFn Ylc5aWFXIH hsSUhCb2Iy NWwgSUdOb2 FYQnpMaiB4 aWNqNDVMaU JVIGFHVWdZ Mjl0Y0cgRn VlU0JvWVhN ZyBZU0J6ZE hKdmJtIGNn Y0hKbGMyVn UgWTJVZ2FX NGdkRyBobE lITnRZWEow IElHaHZiV1 VnWVcgNWtJ R0YxZEc5dC BiM1JwZG1V Z2JXIEZ5YT JWMGN5Qmgg Y3lCM1pXeH NMQyBCd2Nt OTJhV1JwIG JtY2dZMjl1 Ym0gVmpkR2 wyYVhSNSBJ SE52YkhWMG FXIDl1Y3lC bWIzSWcgWk dWMmFXTmxj eSBCc2FXdG xJSE50IFlY SjBJSFJvWl ggSnRiM04w WVhSeiBMQ0 J6WldOMWNt IGwwZVNCem VYTjAgWlcx ekxDQmhibS BRZ2MyVnNa aTFrIGNtbD JhVzVuSUcg Tmhjbk11UE dKeSBQakV3 TGlCQ2NtID loWkdOdmJT Qm8gWVhNZ1 lXTnhkVyBs eVpXUWdibl Z0IFpYSnZk WE1nWTIgOX RjR0Z1YVdW eiBJSFJvY2 05MVoyIGh2 ZFhRZ2FYUn ogSUdocGMz UnZjbiBrc0 lHbHVZMngx IFpHbHVaeU J0WVcgcHZj aUJqYjIxdy BZVzVwWlhN Z2JHIGxyWl NCRFFTQlUg WldOb2JtOX NiMiBkcFpY TXNJRUp5IG IyTmhaR1Vn UTIgOXRiWF Z1YVdOaCBk R2x2Ym5NZ1 UzIGx6ZEdW dGN5d2cgWV c1a0lGTjVi VyBGdWRHVm pJRU52IGNu QnZjbUYwYV cgOXVManhp Y2o0eCBNUz RnU1c0Z01q IEF4T0N3Z1 VISmwgYzJs a1pXNTBJRi BSeWRXMXdJ R0pzIGIyTn JaV1FnUW4g SnZZV1JqYj IzaSBnSmx6 SUdodmMzIF JwYkdVZ2RH RnIgWlc5Ml pYSWdZbSBs a0lHWnZjaU J5IGFYWmhi Q0JqYUcgbH diV0ZyWlhJ ZyBVWFZoYk dOdmJXIDBz SUdOcGRHbH UgWnlCdVlY UnBiMiA1aG JDQnpaV04x IGNtbDBlU0 JqYjIgNWpa WEp1Y3k0OC BZbkkrTVRJ dUlFIGx1SU RJd01Ua3Mg SUVKeWIyRm tZMiA5dElI ZGhjeUJzIG FYTjBaV1Fn WVggTWdkR2 hsSURJMCBk R2dnYkdGeV oyIFZ6ZENC elpXMXAgWT I5dVpIVmpk RyA5eUlHTn ZiWEJoIGJu a2dhVzRnZE cgaGxJSGR2 Y214ayBJR0 o1SUhKbGRt IFZ1ZFdVc0 lIZHAgZEdn Z1lXNXVkVy BGc0lHVmhj bTVwIGJtZH pJRzltSUcg OTJaWElnSk RJeSBJR0pw Ykd4cGIyID R1UEdKeVBq RXogTGlCVW FHVWdZMiA5 dGNHRnVlU0 JwIGN5QnJi bTkzYmkgQm 1iM0lnYVhS eiBJR2x1Ym 05MllYIFJw ZG1VZ1lXNW sgSUdWbVpt bGphVyBWdW RDQmphR2x3 IElHUmxjMm xuYmkgd2dk MmhwWTJnZy BhR0Z6SUdW aGNtIDVsWk NCcGRDQnUg ZFcxbGNtOT FjeSBCaGQy RnlaSE1nIF lXNWtJSEps WTIgOW5ibW wwYVc5dSBj eUJwYmlCMG FHIFVnYVc1 a2RYTjAgY2 5rdVBHSnlQ aiBFMExpQk NjbTloIFpH TnZiU0JvWV ggTWdZU0J6 ZEhKdiBibW NnWTI5dGJX IGwwYldWdW RDQjAgYnlC emRYTjBZVy BsdVlXSnBi R2wwIGVTQm hibVFnYUcg RnpJR2x0Y0 d4bCBiV1Z1 ZEdWa0lIIF poY21sdmRY TWcgYVc1cG RHbGhkRyBs MlpYTWdkRz hnIGNtVmtk V05sSUcgbD BjeUJsYm5a cCBjbTl1Yl dWdWRHIEZz SUdsdGNHRm ogZEN3Z2FX NWpiSCBWa2 FXNW5JR1Z1 IFpYSm5lU0 JsWm0gWnBZ MmxsYm1ONS BJR2x0Y0hK dmRtIFZ0Wl c1MGN5d2cg ZDJGemRHVW djbSBWa2RX TjBhVzl1IE xDQmhibVFn ZDIgRjBaWE lnWTI5dSBj MlZ5ZG1GMG FXIDl1TGp4 aWNqNHggTl M0Z1ZHaGxJ RyBOdmJYQm hibmtnIGFH RnpJR0VnWk cgbDJaWEp6 WlNCMyBiM0 pyWm05eVky IFVnWVc1a0 lHaGggY3lC aVpXVnVJSC BKbFkyOW5i bWw2IFpXUW dabTl5SUcg bDBjeUJsWm 1adiBjblJ6 SUdsdUlIIE J5YjIxdmRH bHUgWnlCa2 FYWmxjbiBO cGRIa2dZVz VrIElHbHVZ MngxYzIgbH ZiaUJwYmlC MCBhR1VnZD I5eWEzIEJz WVdObExnPT 0KICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg