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Today's Bonus Article
Broadcom Hits $2 Trillion Market Cap as Google Reveals New AI ChipsAuthor: Leo Miller. Published: 4/28/2026. 
Key Points
- Broadcom's market capitalization momentarily rose above $2 trillion, driven up by a recent announcement from Google.
- Google's next-generation TPU includes two separate chips, confirming past statements made by Broadcom.
- See the benefits that two-chip deployments can bring to the semiconductor giant.
- Special Report: Have $500? Invest in Elon’s AI Masterplan
As Broadcom (NASDAQ: AVGO) has climbed to new all-time highs, the company has a key partner to thank: Google parent Alphabet (NASDAQ: GOOGL). On April 22, the semiconductor giant closed at a then-record near $422, briefly pushing Broadcom’s market capitalization past $2 trillion.
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The move followed a Google announcement about a new artificial intelligence (AI) chip, and Broadcom—one of Google’s largest suppliers—saw its stock jump about 5% that day. Shares have slipped modestly since, but the announcement reinforced Broadcom’s previous forecasts and underscored the deepening relationship between the two companies. Google’s 8th Gen TPU: 2 Chips Instead of 1Google co-develops its tensor processing units (TPUs) with Broadcom, a partnership that has lasted roughly a decade. Google’s eighth-generation TPU marks a notable change: it will use two chips instead of a single chip, each optimized for different use cases. This departs from prior generations, most of which relied on a single chip. Google says TPU 8t will be a “training powerhouse,” while TPU 8i will be a “reasoning engine” for the most latency-sensitive inference workloads. That split aligns almost exactly with comments Broadcom CEO Hock Tan made on the company’s most recent earnings call, when he said customers will “start to develop two chips each year simultaneously, one for training, one for inference to be specialized.” For Broadcom, the roadmap is a strategic win for several reasons. Why Google’s 2-Chip Roadmap Benefits BroadcomFirst, separating training and inference should increase Broadcom’s exposure as AI adoption grows. Inference—where models answer questions and perform tasks—scales with usage. With a dedicated inference chip in TPU 8i, Google can serve inference workloads more efficiently. Google notes that TPU 8i delivers about 80% better performance per dollar versus the seventh-generation TPU, enabling businesses to serve nearly twice the inference volume at the same cost. Lower inference costs should boost demand for inference capacity and, in turn, the chips themselves—positive for Broadcom’s revenue potential. Second, the two-chip approach highlights the rising importance of hardware specialization. While single-chip systems can be tuned with software, software optimizations typically yield smaller gains than hardware-level design changes. By splitting workloads across two specialized chips, Google is prioritizing hardware optimization—Broadcom’s core strength—which could let the company capture more value per design. Developing two specialized chips also requires more engineering work than building a single chip, and Broadcom can reasonably expect additional compensation for that effort, likely increasing chip-design revenue. Finally, Google’s confirmation bolsters Broadcom CEO Hock Tan’s earlier comments. Meta Platforms (NASDAQ: META) made a similar announcement in mid-March about its custom chip roadmap, titled “Four MTIA [Meta Training and Inference Accelerator] Chips in Two Years: Scaling AI Experiences for Billions.” That also follows the “two chips per year” framework, and with Google and Meta both confirming similar roadmaps, Broadcom’s thesis gains credibility. Broadcom says it is seeing two-chip-a-year roadmaps across five hyperscaler customers. With Google and Meta publicly aligned, confidence that the remaining customers may follow suit has increased—potentially extending the benefits of specialized two-chip deployments across Broadcom’s broader customer base. Broadcom Soars as Hyperscaler Earnings ApproachOverall, Broadcom continues to demonstrate deeper integration with its largest customers. As investors recognize the company’s growing role in the AI buildout, shares have moved to unprecedented levels. Broadcom currently trades at a depressed forward price-to-earnings (P/E) ratio relative to the recent past. If earnings expectations continue to catch up with the stock’s valuation, Broadcom’s ability to hold recent gains—or move higher—improves. A potential slowdown in hyperscaler AI spending remains a risk, but it has not materialized so far. Upcoming earnings from several Magnificent Seven companies should provide more clarity on the spending outlook. |
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