ASIA TECHNOLOGY TRACKER

研报英文原文证据摘录

ASIA TECHNOLOGY TRACKER

Asia Pacific Equity Research AC Asia Pacific Equity Research

09 July 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Next-Gen OpenAI AI XPU Taping Out “Very Soon”, Tomahawk 6 Demand Outstripping Supply (Harlan

Sur)

Yesterday, we hosted an investor group meeting with Broadcom's President and CEO, Hock Tan, CFO,

Amie Thuener, and head of IR, Ji Yoo. The discussions centered around accelerating custom AI XPU

demand driven by rapid growth in inference workloads, the expansion of Broadcom’s decade-plus Apple

relationship through 2031, continued strength in AI networking demand, and Broadcom’s differentiated ASIC

design, IP, and advanced packaging capabilities. Key takeaways in our view were: 1) inference demand is

driving a faster custom XPU adoption curve, with management suggesting that among the largest frontier

model builders, XPU/GPU unit shipments could approach a ~50/50 mix next year; 2) customers are

attempting to pull in next-generation XPU tape-out schedules and broaden chip design variants as inference

workloads evolve from one-shot to reasoning and agentic use cases; 3) Broadcom/OpenAI’s first-gen XPU

program, Jalapeño, further validates Broadcom’s ASIC design and execution strength (initial design to tape-

out in just 9 months), with management expecting the follow-on/next-gen chip to tape out very soon; 4)

competitive concerns around hyperscaler customer-owned tooling (COT) appear overstated given the

complexity of multi-die XPU design, advanced packaging, and proprietary IP; 5) Broadcom’s next-gen TPU

(v9) roadmap remains on track to ramp in CY28, with working 400G SerDes silicon already developed; 6) AI

networking demand remains extremely strong, with Tomahawk 6 sold out and Broadcom prioritizing XPU