The global bond selloff continued Wednesday, with yields on Japanese, German and U.K. 10-year government bonds creeping higher. U.S. stocks look set to open lower with index futures down.

Broadcom might be the biggest winner from the AI-chip craze after Nvidia, with a growing roster of large customers and $100 billion of revenue projected for that segment in its next fiscal year. But Broadcom, which reports results later today, is also beset with competitive and technical challenges. As it becomes a more concentrated bet on AI chips, it loses some appeal to investors as a more diversified play.

Broadcom came into the AI boom as a hodgepodge of chip and software businesses assembled by Chief Executive Hock Tan. Those businesses weren't fast growing, at least by AI-boom standards, but they brought healthy profit margins that Tan ruthlessly sought to improve. Google changed the game at the boom's outset. The search giant had been codeveloping customized AI chips, called tensor processing units, with Broadcom for some time before AI took off. When Microsoft started infusing its Bing search engine with AI, Google saw a threat to its core ad business and ordered as many AI chips as it could. Broadcom was off to the races.