Takeaways from AVGO, MPWR and Tokyo Electron Meetings

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Takeaways from AVGO, MPWR and Tokyo Electron Meetings

Semiconductors

Takeaways from AVGO, MPWR and Tokyo Electron June 17, 2026

Meetings

We had the opportunity to speak with AVGO and Tokyo Electron post earnings, and

MPWR prior to the start of their quiet period. Our key takeaways follow.

AVGO. We followed up with management to discuss the Apollo/Blackstone XPV

financing vehicle, and some clarifications post-earnings. The first tranche of the XPV

funds Anthropic's FY26 AVGO purchases. If fully funded as intended, that would ccaso@wolferesearch.comChris Caso

allow Anthropic/Open AI XPU volume to triple in FY28 to 15GW, which we think (646) 582-9360

would drive 20-25 GW total AVGO shipments, or ~$250 - 300bn FY28 XPU revenue View Chris’s Research

View Comp Table(with the company comfortable with content in the range of $10-15bn / GW). Less

comforting is the fact that AVGO provided a backstop for that financing (in the form Liz Pate

lpate@wolferesearch.com

of residual value guarantees) - we think there is a low probability that AVGO would (646) 582-9362

absorb liability, but its not immaterial risk. Net, the stock's reaction to earnings was

Nicholas Welsch-Lehmann

a function of AVGO not raising FY27 guidance, which some investors interpreted as nwelschlehmann@wolferesearch.com

a lack of confidence. But if full XPV financing comes together, FY27 will no longer (646) 582-9361

matter. Jack Yen

jyen@wolferesearch.com

MPWR. While the company does not seem to be as aggressive as others with

respect to price increases, the company's commentary suggests that the pricing

environment has improved. With respect to enterprise data, they haven't changed

their outlook (85% y/y growth is considered to be a floor), but visibility is improving,