Mgmt Meeting: TPU "v9" Roadmap on Track, AAPL Extension/Expansion Includes New ASICs + RF, Next-Gen OpenAI AI XPU Taping Out "Very Soon", Tomahawk 6 Demand Outstripping Supply

研报英文原文证据摘录

Mgmt Meeting: TPU "v9" Roadmap on Track, AAPL Extension/Expansion Includes New ASICs + RF, Next-Gen OpenAI AI XPU Taping Out "Very Soon", Tomahawk 6 Demand Outstripping Supply

Harlan Sur AC North America Equity Research

(1-415) 315-6700 08 July 2026 J P M O R G A N

harlan.sur@jpmorgan.com

● Tomahawk 6 demand remains extremely strong; XPU customers are prioritized for

AI networking allocation. Management indicated that all of its major frontier model

builder customers are adopting Tomahawk 6 (which is effectively sold out), with

unconstrained demand characterized as being meaningfully higher than available supply.

The team also noted that its XPU customers do receive priority when allocating

Tomahawk and Jericho switching products. In our view, this reinforces the strategic value

of Broadcom’s full-stack AI silicon portfolio: success in custom compute can strengthen

networking share, while scarcity in networking can further deepen customer

relationships around XPUs.

● No near-term oversupply concerns for AI compute. In response to questions around

hyperscalers potentially leasing or reselling excess compute, management said it does not

see an oversupply of compute for 2027 or 2028. Management also noted there is no reason

hyperscalers could not rent out custom XPUs to third parties, but this would not materially

alter Broadcom’s P&L as Broadcom sells the chips and customers determine how to

deploy or monetize them.

● Management intends to maintain stable ASIC GMs despite input cost inflation. On

rising component costs, including memory, the team is aiming to keep ASIC margins

intact “one way or another,” emphasizing that technology leadership is the key source of

pricing power. Management also pushed back on the idea of customers consigning HBM,