Broadcom Inc: Ignore The Noise

Broadcom's TPU v9 2nm ASIC program remains on track for a CY28 launch, refuting recent market concerns regarding delays. The firm maintains an 'Overweight' rating, citing a significant competitive lead over Google's internal development efforts.

Key Takeaways

• 1.The Broadcom-Google TPU v9 2nm program is on schedule for a CY28 ramp with no delays or cancellations.
• 2.Broadcom holds an 18-month lead in advanced chip/packaging design over Google's internal custom off-the-shelf (COT) team.
• 3.The multi-year agreement signed in March ensures Broadcom's participation in the next four generations of TPU (v8-v11) with revenue growth through 2031.

Table of Contents

• Investment Thesis
• Valuation
• Risks to Rating and Price Target

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