Core Viewpoint - UBS maintains a "Buy" rating on Broadcom (AVGO.US) and raises the target price from $290 to $345, anticipating positive signals in the upcoming Q4 earnings report due to favorable unit shipment trends of Google's TPUv6p [1] Earnings Expectations - Broadcom is expected to report Q4 earnings per share of $1.66 and revenue of $15.82 billion [1] - UBS analysts predict that Broadcom will meet or exceed market expectations for Q4 revenue, which is consensus at approximately $17 billion, primarily driven by improvements in TPUv6p unit trends [1] AI Revenue Growth - The TPUv6p is projected to ramp up significantly in the second half of 2025 and continue into 2026, with wafer demand for CoWoS increasing by 51% year-over-year [1] - AI-related revenue for the fiscal year 2025 is expected to grow by approximately 60%, driven by the increasing proportion of TPUv6p in the product mix and rising average selling prices [1] Market Outlook - UBS anticipates that Broadcom will reaffirm its serviceable available market (SAM) for custom chips at $60 billion to $90 billion [1] - The network business related to AI is expected to strengthen in fiscal year 2026, supported by accelerated Ethernet architecture deployments [1]