AVGO: Gauging FY27 Upside to $100B+ - New GW-Driven Analysis Drives Estimates Well-Above Consensus; PT to $545 (was $430)

研报英文原文证据摘录

AVGO: Gauging FY27 Upside to $100B+ - New GW-Driven Analysis Drives Estimates Well-Above Consensus; PT to $545 (was $430)

Broadcom Ltd. Equity Research

Key Broadcom AI Wins

Customer Status Program Timing Scale AVGO Content

Custom XPUs + rack components; focus

TPU co-development; next-

Deployment Agreement Multi-Generational Tensor on TPU v8t / v8i positioning (we believe

Google Confirmed generation chips & rack

through 2031 Processing Units (TPUs) both are Broadcom vs. reports that TPU

components

v8i is MediaTek) and future TPU v9

Initial commitment to exceed

MTIA 2nm deployment Custom XPU, Ethernet Switching,

Meta Confirmed MTIA 2nm AI Accelerator 1GW; multi-GW rollout through

scheduled through 2029 Optical, PCIe, SerDes

$10B (F3Q25) + $11B orders

Anthropic Confirmed 4th customer; F4Q25 TPU Racks (Ironwood ) Capacity online in 2027 Full TPU rack-scale systems.

disclosed (F4Q25), multi-GW

Unidentified 5th Customer Confirmed; identity undisclosed XPU Late 2026 $1B initial order XPU

Development in 2H26 XPU, Ethernet, PCIe, optical, and rack

OpenAI Confirmed 6th customer; F1Q26 Custom OpenAI Accelerators 10GW commitment

through 2029 systems

Source: Company Data; Wells Fargo Securities; LLC.

Custom XPU Complexity to Continually Increase - Picture from

OpenAI's Patent Filing on Non-Adjacent Connection of HBM

Chiplets via Embedded Logic Bridges (20 HBM Stacks)

Compute

Tile

Source: 'Non-Adjacent Connection of High-Bandwidth Memory

Chiplets, I/O Chiplets, And Compute Chiplets Through Embedded Logic

Bridges', OpenAI OPCO, LLC

Derivative Data Point - Google's Purchase Commitment Expansion. As a derivative data point to

the above analysis, we would also highlight the significant expansion seen in Google's disclosure (10-

Q) on Purchase Commitments.