TechFlow reports, July 8, according to TechFlow Research, JPMorgan's July 7 Broadcom management meeting minutes show that inference demand is accelerating custom XPU adoption, and the XPU to GPU shipment ratio among frontier model builders may reach 50:50 next year. Google TPU v9 roadmap is proceeding as planned, 400G SerDes has been developed and is running; Apple ASIC cooperation extended to 2031, new AI accelerator projects added; OpenAI's next-generation XPU is about to tape out.
Tomahawk 6 switch chips sold out, Broadcom does not believe AI compute supply will exceed demand in 2027/2028. JPMorgan maintains an overweight rating, Broadcom is the world's second-largest AI semiconductor supplier, largest custom chip ASIC supplier, and largest network semiconductor supplier.
