JPMorgan backs Broadcom TPU v9 schedule, easing delay fears
JPMorgan analyst Harlan Sur pushed back on recent speculation that Broadcom’s TPU v9—Google’s next-generation AI training chip—was falling behind schedule. In a June 17 note, Sur said the 2nm ASIC program for TPU v9 remains on track for volume production ramping in 2028. He raised Broadcom’s price target to $580 and reiterated an Overweight rating.
Sur’s supply-chain checks support the timeline. Broadcom started TPU v9 intellectual-property design in H1 2025, then moved into full system-on-chip design in H2 2025, with no slip. The prior generation, TPU v8i (3nm), was fully qualified by mid-2025 and is expected to ramp in the quarter after the note.
The upgrade outlook is also reinforced by the business relationship: in March 2026, Google and Broadcom signed a five-year cooperation agreement covering TPU generations v8 through v11. This multi-generational deal makes Broadcom Google’s primary custom silicon partner through the end of the decade, and it implies Broadcom is already developing TPU v10 alongside TPU v9.
Overall, the JPMorgan update was aimed at defusing the delay narrative that had pressured Broadcom’s stock in the days prior.
Neutral
This news is primarily an equities/tech-sector signal (Broadcom, Google custom chips) rather than a crypto-specific catalyst. JPMorgan’s reassurance about TPU v9 schedule and the 2028 ramp reduces near-term “delay fear” pressure on Broadcom’s stock, but it does not directly change blockchain protocol fundamentals, liquidity, or crypto regulation.
In crypto markets, such tech-industry updates can have only indirect effects via risk sentiment (e.g., if AI hardware demand strengthens overall tech confidence). Historically, when large-cap tech narratives turn from “possible delays” to “confirmed timelines,” they can briefly lift broader risk appetite and indirectly buoy correlated assets. However, without a direct linkage to crypto networks, tokens, or on-chain flows, the impact is likely limited.
Short term: neutral-to-slightly supportive for general market sentiment, but no clear directional effect on BTC/ETH. Long term: if AI compute capex cycles strengthen and support ecosystem growth, it could reinforce the broader tech and speculative environment, yet that remains second-order for crypto prices.