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Just For You
Broadcom Locks in Multi-Year AI Wins With Google and AnthropicAuthored by Leo Miller. Published: 4/10/2026. 
Key Points
- Shares of AVGO have rebounded by well more than 10% since falling below $300.
- While the de-escalation in the Middle East has been a significant driver, Broadcom's latest AI partnership announcements played a major role.
- Broadcom is deepening its relationship with Google and Anthropic, who should use its AI chips for years to come.
- Special Report: Elon Musk’s $1 Quadrillion AI IPO
After Broadcom (NASDAQ: AVGO) slid below $300 per share in late March, several developments helped the stock recover to roughly $350. The first was a de-escalation in the Middle East: a Pakistan-brokered two-week ceasefire announced April 7 lifted indexes broadly. With a beta of 1.24, Broadcom is more volatile than the broad market, so shares of the chip giant benefited disproportionately from that news. But much of the recent move stemmed from another announcement.
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On April 7, shares rose more than 6% after Broadcom, Google-parent company Alphabet (NASDAQ: GOOGL), and Anthropic expanded their partnership. That development suggested the negative sentiment around Broadcom was overdone. Broadcom and Google Re-up Long-Term TPU PartnershipGoogle is Broadcom’s longest-standing and largest customer for custom artificial intelligence (AI) chips. Together, the two companies have developed multiple generations of Tensor Processing Units (TPUs)—their answer to NVIDIA’s (NASDAQ: NVDA) graphics processing units (GPUs), which have dominated AI buildout since their inception. It’s important to note that TPUs and GPUs are not always direct competitors. They often act as complements, with each optimized for specific workloads. In a recent regulatory filing, Broadcom said it has entered "into a Long Term Agreement for Broadcom to develop and supply" Google’s future TPUs. That renews their TPU partnership across multiple generations and ensures Google remains a key customer for the foreseeable future. The companies also signed a “Supply Assurance Agreement for Broadcom to supply networking and other components to be used in Google’s next-generation AI racks through up to 2031.” Networking components are distinct from TPUs; they enable TPUs to connect and communicate with one another. With networking equipment accounting for about one-third of Broadcom’s AI revenue last quarter, this part of the announcement is meaningful as well. Overall, Broadcom locked in multi-year agreements with its largest customer for both TPUs and networking, adding substantial long-term visibility to its outlook. Broadcom Confirms Partnership With Anthropic Amid Rapid GrowthGoogle has traditionally used TPUs internally for training and deploying its general-purpose AI models and for optimizing services like YouTube and Google Ads. Recently, Google has begun making TPU capacity available to third parties. The most notable third-party customer is Anthropic, the company behind Claude, a family of large language models considered by many to be a leading AI assistant. Broadcom, Google, and Anthropic have expanded that collaboration. Beginning in 2027, Anthropic will access roughly 3.5 gigawatts (GW) of TPU-based AI compute capacity through Broadcom. Gigawatts are a common metric for the scale of data center deployments. Bernstein analyst Stacy Rasgon has estimated Broadcom brings in around $20 billion in revenue per GW. That figure provides more detail than Broadcom’s previous guidance. On its last earnings call, Broadcom said TPU demand from Anthropic was expected to exceed 3 GW. The recent announcement states Anthropic "will" access over 3 GW and gives a specific figure of 3.5 GW. Broadcom also notes that the 3.5 GW is part of a multiple-GW capacity Anthropic has committed to, suggesting this may be the start of a larger, longer-term engagement. Broadcom included a cautious caveat that the expansion "is dependent on Anthropic's continued commercial success." Fortunately, Anthropic is growing rapidly and is reportedly considering an IPO this year. Anthropic says its annual revenue run rate rose from about $9 billion at the end of 2025 to $30 billion by early April — roughly a threefold increase in about three months. That growth bolsters confidence in Anthropic’s commercial trajectory. Broadcom, Google and Anthropic Signal That AI Growth Is Here to StayBroadcom is continuing to secure long-term partnerships with some of the biggest players in the AI race. While markets have fretted over fears of an AI bubble — which weighed on Broadcom — these companies’ actions suggest sustained demand. Anthropic’s rapid expansion is a clear data point countering the bubble narrative: it shows AI demand is tangible and growing fast. Meanwhile, Broadcom’s multi-year agreements with leaders in the space position it for durable, long-term success. |
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