XPUs: Sizing the upside for Broadcom and the downside for Nvidia

Broadcom disclosed last week a $10bn AI rack order for 2H26 (widely linked to OpenAI) and signaled growth in their AI division could accelerate further in 2027. In this note, we break down what this could mean for the ASIC vs. GPU battle and the future structure of the AI compute market, looking in particular at the addressable market of in-house ASICs.

Bible 2Q25 – Hyperscale & Cloud: 2026 capex expectations up 19%, $3-4t...

Today, we are publishing the Hyperscale & Cloud section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Enterprise IT and Foundry. Hyperscale capex grew 70% YoY. Most raised 2025 guides, and confirmed sustained spending in 2026, lifting expectations....

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NVIDIA Corp: 1 director

A director at NVIDIA Corp sold 225,000 shares at 168.953USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

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While this feature will only be offered in select cities (for now), comes with several limitations (to protect drivers and users) and is unlikely to represent a significant share of payments, we believe this will increase transport accessibility and reflects the continued relevance of cash for cert

Could Broadcom XPUs ramp to 50% of infrastructure deployed by clients ...

Broadcom announced yesterday a $10bn AI rack order (likely OpenAI), for inference, and hinted growth could accelerate in 2027.

Is Broadcom XPUs set to capture 45% of OpenAI infrastructure deploymen...

Broadcom announced a $10bn ramp at a new client in the second half of 2026.

Wedbush Morning Call - Sep 05 2025 7:07AM

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Foxconn, NVDA: August sales suggest continued AI momentumView: While overall sales slipped slightly M/M, AI sales remained robust with Foxconn noting it saw customers pull in shipments and reiterating it expects rack shipments will increase 3X. We see this news as indicative that near-term momentum

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August Sales

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Hot Chips 2025: memory, interconnects, and full-stack optimizations at...

Last week we attended the 2025 edition of the Hot Chips conference, still the place to be for investors who want to understand chip architecture and how it can impact competitive dynamics. ​​We followed presentations on datacenter XPUs, system-scale integration, and full-stack innovation, by Microsoft, Google, Meta, Nvidia, AMD, Intel, Broadcom, Marvell, Huawei, and others. Ping us for slide packs if you want the full primary material.

Jensen’s $3-4tn, Elon's 50m H100s, Marvell's miss, and more. Our weekl...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

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The Great Replatforming, Part II – The General Theory. Could Jensen ju...

In a very timely manner, as Jensen just touted a $3-4tn Tech. Infra. market for 2030, we publish the second part of our “Great Replatforming” series, in which we look at how much AI investments the global economy can absorb over time. In the first part of the series, we showed how increasing capex should be analyzed as enablers of revenue growth and productivity improvements, and applied the framework to hyperscalers, showing how pushing capex intensity to new highs is easily financed by contin...

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Is $3-4tn AI infrastructure spending in 2030 credible?

Last night, Jensen forecasted $3-4tn in AI infrastructure spending in 2030. It is definitely not reflected in expectations, and it may sound out of reason, but it actually lines up well with the 10-year “AI revolution” scenario we are publishing tomorrow, in the second part of our Great Replatforming series. For a one-slide teaser on our perspective, please follow the link below. Keep an eye for the full report in the morning.