US Semiconductors and Semi Equipment "SemiBytes: AVGO, NVDA, ON, TXN/ADI,..."

研报英文原文证据摘录

US Semiconductors and Semi Equipment "SemiBytes: AVGO, NVDA, ON, TXN/ADI,..."

Global Research

13 July 2026ab

US Semiconductors and Semi Equipment Equities

AmericasSemiBytes: AVGO, NVDA, ON, TXN/ADI, Gamma

Rentals Semiconductors

Timothy Arcuri

Analyst

timothy.arcuri@ubs.com

AVGO/AAPL +1-415-352 5676

Apple announced a multi-year expansion of its AVGO supply agreement valued at more Natalia Winkler, CFA

than $30B, which now covers >$15B of U.S.-made chips, a $1.5B expansion of AVGO’s Analyst

Fort Collins facility, and multiple generations of custom ASIC silicon products through natalia.winkler@ubs.com

2031 (we think AAPL is one of AVGO’s named custom ASIC customers). While AVGO +1-415-352 4626

has long supplied AAPL with connectivity components, we view the key takeaway as the Alex Kivali

first official confirmation that AAPL is a Broadcom custom XPU customer – albeit not a Analyst

surprise to most investors (see our note here). We already model AAPL contributing ~ alex.kivali@ubs.com

$0.5B of revenue in C2026, $5.6B in C2027, and $17.5B in C2028, so while we view the +1-212-713 3945

announcement as encouraging, we believe our estimates already capture the bulk of the Gianmarco Vella

opportunity. Associate Analyst

gianmarco.vella@ubs.com

NVDA / China H200 Shipments +1-415-352 4555

Press reports last week suggested a meaningful shift in China's stance toward NVDA Aaryan Wadhwa

GPUs. Following the January 2026 change in U.S. export restrictions, NVDA has seen Associate Analyst

very limited sales into China as local regulators effectively prevented hyperscalers and aaryan.wadhwa@ubs.com

internet companies from purchasing H200 systems despite the chips having received +1-212-821 6481

U.S. approval. Recent news reports indicate Chinese regulators may soon allow limited