ab 24 August 2025 Global Research US Semiconductors and Semi Equipment SemiBytes: Thoughts on INTC, AVGO Preview, SITM AI Revenue Opportunity More details on the INTC-US Government investment Friday post close, INTC and the Trump Administration finalized an agreement to convert the remaining $5.7B in CHIPS grants and the $3.2B awarded to INTC as part of the Dept of Defense secure enclave program into an equity stake. Under the terms of the agreement, the US Government will purchase ~433MM shares @ $20.47/sh ...

博通周三收涨0.75%，报300.25美元。该股今年以来累计上涨30%。 值得注意的是，博通发布了多项与 VMware Cloud Foundation 相关的公告。高盛也重申对博通的"买 入"评级，并设定目标价为340美元。近期的进展表明，博通正致力于提升AI能力并强化VMware Cloud Foundation的安全措施。 智通财经APP获悉，瑞银维持对博通(AVGO.US)的"买入"评级，并将目标价从290美元上调至345美元， 这反映了该机构对博通人工智能(AI)业务发展势头的乐观态度。 博通将于9月4日发布最新季度财报，市场预计这家半导体和软件巨头第三季度营收同比增长21%，达到 158.2亿美元;每股收益为1.66美元，而上年同期为1.24美元。 瑞银分析师Timothy Arcuri 认为，博通的业绩将符合预期，但预计该公司将上调第四财季的业绩指引。 谷歌最新的AI芯片TPUv6p依赖于博通的定制芯片技术，这些芯片目前正在加速生产，这也是博通业绩 指引有望上调的主要原因。 分析师预计TPUv6p产量将在2025年下半年显著增长，这一增长态势还将持续至2026 年。这些芯片的晶 圆需求也可能同比 ...

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]