JPMorgan: Broadcom — Ignore the Noise, TPU v9 2nm ASIC On Track for 2028 Ramp
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JPMorgan emphasizes that Broadcom's custom ASIC partnership with Google remains firmly on track, advising investors to disregard unwarranted market speculation. The highly anticipated TPU v9 2nm ASIC program is proceeding exactly as scheduled, with volume production set to ramp in calendar year 2028 without any delays.
This multi-generational visibility is anchored by a pre-existing five-year agreement between Google and Broadcom. Under this foundational contract, Broadcom has successfully secured the design rights for the next four generations of Google's TPU hardware. Furthermore, JPMorgan highlights that these subsequent TPU generations are structured to generate progressively increasing revenues for Broadcom, reinforcing a robust and predictable long-term financial trajectory.
The report asserts that despite recent market noise and unfounded concerns surrounding the custom ASIC business, Broadcom's fundamental positioning remains exceptionally strong. The firm's technological advantages in the bespoke chip sector and the continually deepening collaboration with Google create a formidable competitive moat. JPMorgan maintains a highly optimistic outlook for Broadcom's sustained growth in the custom silicon landscape. However, the research note does not provide specific financial forecasts, price targets, or formal stock ratings within this specific analysis.