Daily Views on Tech Headlines | AVGO, OpenAI, CBRS, QCOM, China, IBM

研报英文原文证据摘录

Daily Views on Tech Headlines | AVGO, OpenAI, CBRS, QCOM, China, IBM

Quick Note

June 25, 2026 Hardware

Daily Views on Tech Headlines | AVGO, OpenAI, CBRS, QCOM,

Analysts China, IBM

Matt Bryson

(617) 695-6302

matthew.bryson@wedbush.com

Antoine Legault, CFA, CPA AVGO, NVDA, CBRS: OpenAI and Broadcom Unveil Jalapeño custom AI ASIC

(626) 497-1619

antoine.legault@wedbush.com View: OpenAI and Broadcom unveiled Jalapeño, OpenAI's first custom chip, a

purpose-built LLM inference accelerator manufactured by Broadcom on TSMC and

integrated by Celestica, taped out in roughly nine months with help from OpenAI's

own models. The companies claim substantially better performance per watt than

current state-of-the-art (Bloomberg cites ~50% lower inference cost; Hock Tan calls

it comparable to NVIDIA Blackwell and Google TPUs), with initial gigawatt-scale

deployment targeted for late 2026 under the October 10GW agreement. OpenAI

says it will keep buying NVIDIA and AMD for other workloads.

History suggests that successful ASIC development for compute is a multi-

generation process spanning many years. And Tom's Hardware does a good job

noting some of the questions around Jalapeño in light of a dearth of detail as of yet

(as well as some possible technical takeaways around the chip's design from the

photos and details that AVGO and OpenAI have shared).

Net, we see this development as a probable positive for AVGO (and OpenAI

assuming the silicon eventually works as presented), but also wouldn't be surprised

if initial shipments are more modest in scale and broader adoption requires a 2nd

or 3rd (or 4th) iteration of the design. OpenAI Tom's Hardware, CNBC

QCOM, AVGO, China: Qualcomm ups forward data center sales outlook, with

China's market creating potential for further upside.