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Investing.com -- Mizuho said Google’s move to offer TPU capacity to Meta in 2026, alongside rising demand from Anthropic, could provide near term upside for Broadcom’s ASIC business.
"AVGO remains our TOP PICK, while we remain positive on NVDA," analysts at Mizuho said.
The analysts said Meta could spend billions installing TPUs in its data centers beginning in 2027, which it viewed as positive for Broadcom given TPU related chip pricing and volumes.
The brokerage said Nvidia remained the industry leader, with its Blackwell pipeline sold out through 2026 and demand broad based across cloud providers, enterprise customers and sovereign buyers.
It added that Meta’s interest in TPUs would not change Nvidia’s dominant role but could create incremental share gains for Broadcom as cloud providers diversify their AI infrastructure.
Mizuho also pointed to strong memory and optical networking demand tied to TPU deployments, saying rising spot prices and data center builds could support Micron and Lumentum.
The firm reiterated Broadcom as its top pick and remained positive on Nvidia, citing a rising tide of AI investment that continued to lift all major suppliers.