J P M O R G A N North America Equity Research 09 July 2025 Broadcom Inc Mgmt Meeting: AI Demand Remains Strong Driven By Inference Along With Non-AI Businesses Recovery and Sustained VMware Revenue Growth; Business Firing On All Cylinders Yesterday, we hosted an investor group meeting with Broadcom's President and CEO, Hock Tan, CFO, Kirsten Spears, and VP of IR, Ji Yoo. The discussions centered around strong AI demand trends, which are driving strong growth in Broadcom's custom AI XPU business and driving ...

J P M O R G A N North America Equity Research 26 June 2025 Micron Technology As we had previewed (see note here), Micron delivered solid May-Qtr results (revenue, gross margin, and earnings) and provided a strong outlook for the Aug- Qtr. The strong performance was driven by strong demand in HBM (up 50% Q/Q to $1.5B+/qtr) and datacenter, alongside growth in consumer applications such as mobile (end market improvement combined with tariff-related demand pull forward) and improvements in broad distribution/in ...

Equity Research 17 June 2025 U.S. Semiconductors & Semiconductor Capital Equipment Asia Supply Chain Checks Post Q1 Earnings: Raising NVDA PT to $200 as Builds Point to 2H Upside, ASIC/ Interconnect Update, Pull- Forwards Real We checked in with the supply chain post Q1 prints. Please see our key takeaways below: We appreciate your 5-star vote in the 2025 Extel All-America Research Survey in the Semiconductors & Semiconductor Capital Equipment category. View our analysts » Vote 5 Stars for Barclays » Update ...

Equity Research 13 June 2025 U.S. Internet Agentic AI Is Finally Showing Up, We Revisit AI Capacity in 2026 Cursor hitting $500m ARR in just ~2 years should wake up the investment community to the coming wave of agentic AI companies/products. Based on the installed AI compute base, we estimate the industry can support over 1.7B of these vertical agents, or potentially upwards of 12B consumer agents. We appreciate your 5-star vote in the 2025 Extel All-America Research Survey in the Internet Largecap and Int ...

J P M O R G A N North America Equity Research 29 May 2025 NVIDIA Corporation Solid Results/Guide Despite China Restrictions; Blackwell Production/Deployment Ramp Progressing Well; Readying GB300 Ramp This Qtr; Reit OW NVIDIA reported solid Apr-Qtr revenues of $44B (above ours/consensus estimates of $43B) even with ~$2.5B of lost H20 China GPU shipments due to China restrictions (restrictions to China went into effect on April 9th) while margins/EPS were impacted by the $4.5B of H20 inventory write-downs/pur ...