Overview

• KeyBanc reiterated its Overweight rating on Broadcom and raised its price target to $420, citing a strengthening position in AI and improving chip-on-wafer-substrate supply.
• Channel checks point to a 2026 CoWoS production goal of about 190,000 units, implying growth of more than 160% year over year, with Google TPU volumes expected to more than double through 2026.
• The KeyBanc note cites significant new AI ASIC orders, including an estimated 400,000 to 500,000 units for OpenAI and roughly 100,000 units for Apple, which have not been confirmed by the companies.
• Broadcom previously guided fiscal Q4 AI revenue to roughly $6.2 billion, up 66% from a year earlier, and disclosed $10 billion in AI infrastructure orders from a new customer that outside reports widely associate with OpenAI without confirmation.
• Recent coverage also flagged a September 25 sale of 100,000 Broadcom shares by CEO Hock Tan for about $34 million, as some investors praise profitability and diversification but remain wary of valuation.