Xiaomo supports Broadcom (AVGO.US): Will continue to operate Google's strongest TPU project, revenue growth will not slow down

The Zhitong Finance App learned that after Google (GOOGL.US) released the eighth-generation TPU product line, J.P. Morgan confirmed the “gain” rating of Broadcom (AVGO.US). The bank pointed out that the newly announced TPU SKU is highly consistent with Broadcom's TPU roadmap given in September, and that Google's most powerful TPU project is still carried out by Broadcom; based on this, J.P. Morgan still believes that Broadcom's TPU roadmap will not be interrupted until 2031, and revenue growth will not slow down.

J.P. Morgan analyst Harlan Sur said in the report that among the new products released by Google this time, an inference TPU called v8i Max is designed for large-scale context windows and can handle larger AI workloads within the same rack space. Based on the architectural details provided by Google, J.P. Morgan believes that the v8i Max is highly consistent with the Broadcom 3nm TPU project mentioned in its fall series of reports.

J.P. Morgan notes that the V8i Max integrates four TPU computing chips in one package, while the current generation of V8i only integrates two computing chips, which means that the V8i Max has doubled its computing power under the same physical footprint. According to the bank's industry chain research, mass production of V8i Max is expected to rise in the second half of 2027.

The report emphasizes that the more important next-generation 2nm TPU SKU (v9.5/v10) will still be put into production in mid-2028. The specifications include a 2nm process, 8 computational dies, 8 SRAM dies, 16 HBM stacks, and 400G SERDES I/O. J.P. Morgan also sorted out the evolution path of Broadcom's TPU roadmap: from v7 (3nm) to v8i (3nm, 200G SERDES), to v8i Max (3nm, 200G SERDES), then into v9.5/v10 (2nm, 400G SERDES), and points to the next generation of products from 2029 to 2031.

J.P. Morgan concluded that the news of Google's new TPU strengthened the bank's judgment — Broadcom is still at the core of Google's most strategic and highest performing TPU project, its TPU roadmap is not broken, and revenue growth will not slow down until 2031.