JPMorgan says Broadcom’s AI boom is just warming up

The bull case just got a fresh coat of paint

Broadcom didn’t exactly need a pep talk, but JPMorgan handed it one anyway. Analyst Harlan Sur reiterated an Overweight rating and said the market is still sleeping on how big Broadcom’s AI business could get as custom chip programs with Google and other hyperscalers keep moving forward.

The spicy part? JPMorgan thinks Broadcom’s fiscal 2026 AI revenue could top $56 billion. That would be more than 180% growth year over year — the kind of number that makes even jaded Wall Street types do a double take.

Google TPU drama? JPMorgan says relax

One of the biggest investor worries has been whether Broadcom could lose momentum in Google’s TPU business. JPMorgan basically said, “not so fast.”

According to the note, Broadcom has already started ramping Google’s next-gen 3-nanometer TPU v8i ASIC, with the 2-nanometer TPU v9 expected to ramp in early 2028. The firm also said an April five-year agreement between Google and Broadcom is still intact, covering four TPU generations and setting up rising annual TPU-related revenue through 2031.

In other words: this isn’t some one-hit wonder relationship. It’s a multi-year dinner reservation.

The AI shopping list keeps growing

Google is the marquee customer here, but it’s not the only one. JPMorgan says Broadcom’s custom AI chip programs with Meta, OpenAI, Anthropic, ByteDance, Alibaba, Arm-backed SoftBank, Apple and SambaNova are all in various stages of design, ramp or production.

That matters because Broadcom isn’t just selling chips — it’s selling itself as the glue in the custom AI economy. And on top of that, JPMorgan says demand for Broadcom’s Tomahawk 5 and Tomahawk 6 networking gear is still running hotter than supply.

• More AI chips in the pipeline
• More networking demand than Broadcom can satisfy right now
• More years of TPU revenue visibility than skeptics want to admit

Big picture: the AI party is still going

Broadcom shares were basically flat on the day, but the bigger story is that JPMorgan sees the company as one of the clearest AI winners in the market. If the bank is right, the current debate isn’t whether Broadcom benefits from AI — it’s whether investors are still underpricing just how long this runway lasts.

Big picture: sometimes the market treats a company like it’s already had its big moment, only for the business to quietly keep compounding like a caffeine-fueled spreadsheet.