Mizuho on $AVGO: key points: 1) We see AVGO with the most-capable TH6/Jericho SerDes/Switch for all-toall 1000-1M XPU networking at 200G/lane, SerDes/ASIC/Packaging dominating GOOGL TPU "training" roadmap at 2-3x ASP ~$15K/ASIC, 2) we believe MTK could potentially win the TPU inference chip, despite investors stating MTK is getting the training chip with large die on EMIB [ $INTC ] packaging, and 3) we see the most probable trajectory of AVGO $GOOGL TPUs ramp to 18M+ units in 2028E with AVGO getting ~50% share at ~10-12M units being 3x the current volume (~4.5M today). We see AVGO has the best perf. training SerDes with MTK SerDes limited and needing GOOGL/SMTC (NC) contribution, with potential delays. We believe the v9/v10 will see a mix of both MTK/AVGO to optimize cost and performance, and see AVGO well-positioned into 2028E with upside to 35M TPU, regardless of training/inference chip share. We also see GOOGL purchase commitments (10Q, p55) are expanding significantly to $800 B+ for TPUs.

stocks in futures?? 👀 Join AVGO / QCOM / ORCL Futures Contest! Trade & Share $20,000 $HTX New users get $3 starter pack Ends May 19th! Join Here:

Call demand is running hot across the AI complex. SMH, AVGO, MU, and other sector names all show call skew above the 80th percentile, meaning traders are clearly paying up for upside:

We're looking at several important AI movers in this week's earnings. Tier 1 Pure-Play AI: DELL, AVGO, CREDO, HPE & CIEN Tier 2 Software-based: PANW, SNOW & ORCL Big week coming up.

UBS on $AVGO: "we are trimming ~$5B from our F2027 AI revenue number (now ~$130B) as our checks indicate we have been too aggressive on AVGO's TPU unit shipments and we now see 6.4MM shipments in CY27"