博通（AVGO）：TPU，我看到了你

U.S. Semiconductors Broadcom Inc Arpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.com Alrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com 525.00 USD Broadcom (AVGO): TPU, I see you... On Monday after the close Broadcom issued an 8-K outlining 2 longer termdevelopments for their TPU business.The first highlighted a new long term agreement forBroadcom to develop and supply future generations of TPUs as well as networking and othercomponents to Google through 2031 (5 years); the second noted an expanded collaboration Close Date6 Apr 2026AVGO Close Price (USD)314.43Price Target (USD)525.00Upside/(Downside)67%52-Week Range414.61/138.10SPX6,582.69FYEOctDiv Yield0.8%Market Cap (USD) (B)1,488.72EV (USD) (B)1,540.60 We caught up briefly with IR following the release.They indicated to us that 1) theGoogle LTA has revenue commitments that go along with it through the timeline, and 2) theAnthropic deal is consistent with, if not even a bit positively biased vs their prior commentary(which called for ~1 GW to Anthropic in 2026 and ~3 GW in 2027, now ticked up a bit), and The new 5-year Google agreement (which includes compute for both internal useand external customers) seems incremental to us,especially given all the nervousnessaround TPU competition, share etc, and given both the timeline and (albeit unspecified)revenue commitments that go along with it the news might help to further ease CoT fears, As an aside, Anthropic’s revenue growth continues to soar.While Broadcom notes thatAnthropic’s “consumption of expanded compute capacity is dependent on [their] continuedcommercial success,” they don’t seem to be having a problem with that now; Anthropic’s ownrelease notes annualized revenues now topping $30B, up >2x since just February(!) and up Recall that AVGO guided to FY27 AI revenues of ~$100B. We believe this numberis looking increasingly light.The company had suggested close to 10GW of AI capacityshipping in FY27 (~3 from Anthropic, now more?); $100B would suggest ~10B per GW(which feels low to us; Anthropic alone seems like it could be approaching the $50B mark).We believe upside to numbers consequently feels likely (note that every ~$10B corresponds INVESTMENT IMPLICATIONS AVGO (Outperform, 525.00):A strong 2025 AI trajectory seems set to accelerate into 2026, bolstered by software, cashdeployment, and superb margins & FCF. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Broadcom Inc For AVGO, we apply a ~30x multiple to our FY2027 pro-forma EPS estimate ($17.73) equating to a $525 price target. RISKS Broadcom Inc Downside risks to our price target on AVGO include unexpected AI weakness or air pocket, share and/or socket losses at keycustomers, failure to execute on targeted merger synergies, lack of cash return, and unexpected changes to top management. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare su