JPMorgan uncovers recent chip wins at Broadcom from Google, Meta

JPMorgan estimates that Alphabet’s (GOOG, GOOGL) Google and Meta Platforms (META) combined will drive $9B in artificial intelligence application-specific integrated circuit chip revenues for Broadcom this year, up almost 2.5-times over 2023. Just recently, JPMorgan believes Broadcom won follow-on 3nm artificial intelligence tensor processing unit ASIC wins at both customers targeted for tape-out in 2025 with ramp in the back-half the year and 2026, the analyst tells investors in a research note. The firm says this should sustain strong growth in Broadcom’s AI ASIC revenues over the next few years. It reiterates an Overweight rating on the shares with a $1,700 price target.