Broadcom Inc: Samsung Multi-Year Memory/Foundry MOU Implies > $1 Trillion of Cumulative Broadcom AI Revenues Over the Next 5 Years in Our View; Reiterate OW

Research evidence excerpt

Broadcom Inc: Samsung Multi-Year Memory/Foundry MOU Implies > $1 Trillion of Cumulative Broadcom AI Revenues Over the Next 5 Years in Our View; Reiterate OW

J P M O R G A N North America Equity Research

27 July 2026

Broadcom Inc

Samsung Multi-Year Memory/Foundry MOU Implies > Overweight

$1 Trillion of Cumulative Broadcom AI Revenues Over AVGO, AVGO US

the Next 5 Years in Our View; Reiterate OW Price (24 Jul 26):$381.92

Price Target (Dec-26):$580.00

On Saturday, Samsung (covered by Jay Kwon) announced it had signed a Semiconductors & Semiconductor

memorandum of understanding (MOU) with Broadcom to expand their strategic Capital Equipment / IT Hardware

collaboration across memory and advanced foundry technologies, supporting the Harlan Sur AC

next generation of AI infrastructure (see PR here). We believe that Samsung is and (1-415) 315-6700

will continue to remain Broadcom’s main supplier of high bandwidth memory harlan.sur@jpmorgan.com

(HBM DRAM), and we estimate that around 75-85% of all of Broadcom’s HBM Apoorva Kumar

DRAM requirements going forward will be supplied by Samsung. The companies (1-212) 270-0668

expect the collaboration to result in MORE than $200B of Samsung memory/ apoorva.kumar@jpmorgan.com

foundry products (we estimate Broadcom’s Samsung purchase mix as 90-95% Mayur Ramdhani

(1-212) 622-1664

HBM, 5-10% foundry wafers) over the next 5 years through 2030, and based on mayur.ramdhani@jpmorgan.com

our calculations, we estimate that this implies > $1T of cumulative Broadcom AI J.P. Morgan Securities LLC

revenues (ASICs + Networking) and around $40-50B of cumulative Samsung

foundry-based chip sales (we believe that Broadcom will utilize Samsung for

datacenter networking, broadband, and telco service provider chips). Our estimate