JPMorgan: Broadcom AI Custom Chip Demand Full, Tomahawk 6 Sold Out

According to TechFlow Research, minutes from JPMorgan's July 7 Broadcom management meeting show that inference demand is accelerating the adoption of custom XPUs, and the XPU to GPU shipment ratio among frontier model builders may reach 50:50 next year. Google's TPU v9 roadmap is proceeding as planned, with 400G SerDes developed and operational; Apple's ASIC collaboration has been extended to 2031, adding new AI accelerator projects; OpenAI's next-generation XPU is about to tape out. Tomahawk 6 switch chips are sold out, and Broadcom does not believe there will be an oversupply of AI compute in 2027/2028. JPMorgan maintains an Overweight rating; Broadcom is the world's second-largest AI semiconductor supplier, the largest custom chip ASIC supplier, and the largest network semiconductor supplier.