Here’s the thing about tech stocks—they move on vibes as much as they move on fundamentals. And right now, the vibe around Broadcom’s partnership with Google is decidedly pessimistic. Rumors are flying that Google’s next-generation TPU chip (the v9) is hitting delays or getting canceled. Investors are sweating. Analysts are doom-scrolling. But according to J.P. Morgan’s Harlan Sur—a guy who actually knows what he’s talking about—everyone needs to chill.
Sur, ranked in the top 1% of Wall Street analysts, did some actual digging and found that Broadcom and Google are right on schedule. The v9 2nm chip is still ramping in 2028, no delays, no cancellations. The project is humming along exactly as planned. So why all the noise? Probably because the internet loves a good panic, and chip delays make for spicy headlines.
Here’s the real story: Broadcom has been working on this thing since mid-2024, when they kicked off IP design work. By the second half of last year, they were already deep into the actual chip design. That’s not the timeline of a program in trouble—that’s the timeline of a program that’s locked in and moving forward. Meanwhile, Google’s in-house chip team (working with MediaTek) is still optimizing their own design. Translation: Broadcom’s got an 18-month head start, and that gap isn’t closing anytime soon.
The real kicker? Google signed a five-year deal with Broadcom back in March that locks in the roadmap for the next four generations of TPU chips (v8 through v11). That’s not something you do if you’re planning to bail on your partner. It’s basically a commitment that says, “We’re in this together, and we’re betting big.”
Sur points out that Broadcom isn’t just sitting on its laurels either. They’ve got an advanced substrate facility coming online in Singapore this August, and they’re rolling out full advanced packaging capabilities by 2028. These aren’t small things—they’re the kind of infrastructure investments you make when you’re confident in your future. Plus, Broadcom’s design pipeline is apparently the largest in the world, spanning everyone from Google and Meta to OpenAI and Anthropic. That’s not a company that’s losing momentum.
The analyst’s base case? Broadcom’s AI revenues could double or even triple year-over-year in 2027, then double again in 2028. That’s the kind of growth trajectory that makes stock prices move. Sur’s slapping an Overweight rating on AVGO with a $580 price target, implying 41% upside from current levels. And he’s not alone—23 other analysts are in the bull camp too.
The bottom line: Yes, there’s noise. Yes, there are concerns. But the fundamentals suggest Broadcom’s Google partnership is solid, the roadmap is clear, and the opportunity is massive. Sometimes the best investment move is just tuning out the headlines and trusting the data. This might be one of those times.
