JPMorgan Pushes Back on Broadcom (AVGO) Delay Fears and Says the TPU v9 Program Is Firmly on Schedule
JPMorgan is pushing back on circulating fears that Broadcom's TPU v9 program with Google is delayed, asserting the program remains firmly on schedule. If confirmed, this removes a key overhang on AVGO's AI custom silicon revenue narrative heading into its next print.
What happened
JPMorgan is pushing back on circulating fears that Broadcom's TPU v9 program with Google is delayed, asserting the program remains firmly on schedule.
The read · Jun 29
AVGO sits at the intersection of a sell-side schedule defense and unresolved market skepticism over the TPU v9 timeline — the question is whether JPMorgan's note is enough to sustainably clear the overhang or just a short-term sentiment boost.
Wrong if
If Google or Broadcom management contradicts JPMorgan's schedule call — even implicitly via softer AI revenue guidance — the stock re-prices quickly and the entire TPU thesis comes back into question.
CoverageSource: Yahoo Finance · Published here MON, JUN 29 · 7:58 AM ET · the only report in this recordHow this is decided →
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The story1 min read
JPMorgan issued a note defending Broadcom's custom AI accelerator business, specifically disputing market chatter that the Google TPU v9 program — one of Broadcom's flagship XPU partnerships — is facing delays. The bank says the program is on schedule, which directly addresses a fear that had been circulating among investors and pressuring sentiment on the stock.
Broadcom's AI custom silicon segment has become the central bull thesis for the stock, with the company reporting FY2025 revenue of $63.9B, up nearly 24% year-over-year, and gross margins of 67.8%. The TPU program with Google is a material contributor to that AI revenue line, so any credible delay would have been a meaningful negative catalyst.
The JPMorgan note functions as a sentiment clearing event rather than a fundamental data point — it's a bank rebutting a rumor, not a filing or earnings release. The bull case rests on AI infrastructure spend remaining durable and Broadcom's XPU roadmap staying intact across its hyperscaler partners. The bear case is that a single sell-side note doesn't fully resolve the underlying concern, and if Google or Broadcom management contradicts this on a future call, the stock would re-price sharply.
What to watch: any confirmation or denial from Google or Broadcom management, the next AVGO earnings print (FY end November 2025), and whether AI capex guidance from hyperscalers remains robust in upcoming earnings cycles. The stock's reaction to this note will also signal how much of the delay fear was already priced in.
The read, in fullWhy it matters
JPMorgan's on-schedule call removes the most immediate bear catalyst on AVGO's AI silicon narrative; with 24% YoY revenue growth and 67.8% gross margins already booked, the fundamental backdrop is strong and delay fears appear to have been a sentiment overhang rather than a fundamental crack. A clean confirmation from Google or Broadcom management on the next call would likely drive a re-rating toward consensus targets.
The arc● Open · no developments yet
· Published
The read above, as written. kept as written · closes shown from JUN 29 on
Next · what would move this
A dated catalyst on NOV 2 · 4-6 weeks, into next hyperscaler capex commentary. Follow to be told when one lands.
Since this story · named here, equal weight · 1D EOD-4.1%
JUN 29 · first close after publicationSEP 4
Price context does not establish that the story caused the move.
▲ The case it holds
Broadcom's FY2025 revenue of $63.9B at +23.9% YoY with 67.8% gross margins shows the AI custom silicon ramp is already in the numbers, and an on-schedule TPU v9 program removes the key bear narrative heading into the November print.
▼ The case it breaks
A single JPMorgan sell-side note rebutting a delay rumor carries limited evidentiary weight — absent direct confirmation from Google or Broadcom management, the schedule concern could resurface, particularly if hyperscaler capex commentary softens in upcoming earnings.
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This page is kept as it was written on Jun 29. Later coverage joins it only when the company and catalyst evidence match, and what the stock did is shown from licensed end-of-day closes — never re-graded, never backdated. The judgment is yours.