Thoughts on AVGO's AI XPV Platform

研报英文原文证据摘录

Thoughts on AVGO's AI XPV Platform

Semiconductors

BROADCOM INC. (AVGO) June 9, 2026

Thoughts on AVGO's AI XPV Platform Rating:

OutperformThis morning, AVGO, Apollo and Blackstone announced the launch of an “XPV Price:

platform” [link] as a financing vehicle for AVGO XPUs for Anthropic and OpenAI. This $396.60

isn’t new – it had been discussed previously, including on AVGO’s most recent call. Price Target:

$500The announcement today discusses the launch of the first $35bn tranche for 1GW

% Upside:

of Anthropic capacity for mid-2026. We see three implications for AVGO from this 26.1%

financing vehicle.

Source: FactSet, Wolfe Research

●This does provide a clear path to the significant financing required to support Priced as of 06/08/26

AI accelerator deployment. While there's still more money to be raised, it does

appear there's a vehicle for doing so, as well as investor appetite. Our view

is and has been that, so long as investors are willing to provide the financing,

these deployments will continue.

●The announcement today says the platform is designed to enable more than

Chris Caso

20GW from Anthropic and OpenAI through 2028. AVGO discussed this on ccaso@wolferesearch.com

last week's call. What's important is that the expected total deployment by (646) 582-9360

View Chris’s Research Anthropic and OpenAI will only be 5GW by the end of 2027, thereby setting View AVGO Model

up a significant increase for 2028 if the financing is successful. We estimate View Comp Table

$10-15bn AVGO revenue per gigawatt. AVGO’s other customers (GOOGL,

META, and two others) are expected to take 6GW of capacity in CY27, which Lizlpate@wolferesearch.comPate

is expected to increase in CY28. In total, that could mean on the order of 20 – (646) 582-9362