🚨 AVGO & KORU Perpetuals. Coming to Deribit On Monday, October 5, 2026 at 10:00 AM UTC, Deribit will launch the following USDC-settled perpetual contracts: • AVGO_USDC, offering exposure to Broadcom Inc.  • KORU_USDC, offering exposure to the KORU MSCI South Korea Bull 3X ETF

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.

There are so many rumors about TPU v10. North American analysts say AVGO is the sole supplier, while Asian analysts say MediaTek has gained the upper hand. When I looked into why Sunfish Ultra volumes had increased, I also heard that it doesn’t even belong in the discussion because it’s considered TPU v8.5–8.8 rather than TPU v9… I just can’t keep track of this damn TPU stuff.

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📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $AVGO Broadcom Discloses Up to $43 Billion in Potential AI Infrastructure Liabilities 👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: ➤ 𝗕𝗿𝗼𝗮𝗱𝗰𝗼𝗺 (𝗔𝗩𝗚𝗢) discloses up to $𝟰𝟯 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 in potential contingent liabilities. ➤ Financial partners will assume portions of 𝗔𝗜 𝗿𝗮𝗰𝗸 purchase agreements. ➤ Agreements involve 𝗰𝘂𝘀𝘁𝗼𝗺 𝗔𝗜 𝗮𝗰𝗰𝗲𝗹𝗲𝗿𝗮𝘁𝗼𝗿𝘀 designed by Broadcom. ➤ Broadcom established a special-purpose vehicle called 𝗕𝗮𝗰𝗸𝘀𝘁𝗼𝗽. ➤ Backstop provides 𝗿𝗲𝘀𝗶𝗱𝘂𝗮𝗹 𝘃𝗮𝗹𝘂𝗲 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 for AI infrastructure leases. ➤ Maximum potential exposure reaches approximately $𝟰𝟯 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 upon full deployment. ➤ Broadcom considers the probability of triggering this liability 𝗹𝗼𝘄. ➤ Exposure increases with 𝗔𝗜 𝗿𝗮𝗰𝗸 𝗱𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 and decreases with lease payments. ➤ Lease defaults could trigger 𝗿𝗲𝘀𝗮𝗹𝗲, 𝗹𝗲𝗮𝘀𝗲 𝗮𝘀𝘀𝘂𝗺𝗽𝘁𝗶𝗼𝗻, or asset recovery. ➤ Potential losses depend on 𝟳𝟮.𝟱% of outstanding leases minus recovered asset value. 👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: ➤ The $𝟰𝟯 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 figure represents 𝗺𝗮𝘅𝗶𝗺𝘂𝗺 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲, not an immediate loss. ➤ Highlights growing 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗶𝘀𝗸𝘀 associated with large-scale AI infrastructure financing. ➤ Broadcom's exposure depends on 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 and AI hardware resale values. ➤ Investors may scrutinize 𝗼𝗳𝗳-𝗯𝗮𝗹𝗮𝗻𝗰𝗲-𝘀𝗵𝗲𝗲𝘁 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀 and counterparty credit risks.