Macquarie analysts identify a $40 billion capital opportunity for Anthropic amid Broadcom’s exposure to Google chip risks.

Broadcom Inc. (NASDAQ: AVGO) stands to be one of the primary beneficiaries of Anthropic’s accelerating compute requirements, even as concerns mount that Google’s push to develop more chips internally could threaten Broadcom’s custom silicon business. On September 3, Macquarie analyst Arthur Lai argued that many of these headwinds may already be priced into the stock. Shares have declined roughly 24% from their all-time high, a trend exacerbated by Google’s work with MediaTek and its expanding relationship with Marvell, which have fueled worries that Broadcom could lose share in future TPU programs. Lai suggested this recent weakness creates an attractive entry point as Broadcom positions itself to capture what could become a $40 billion opportunity driven by Anthropic.

In April, Anthropic announced an expanded partnership with Google and Broadcom to secure next-generation TPU capacity. The collaboration will use dedicated computing infrastructure to accelerate training and inference for Anthropic’s Claude family of artificial intelligence models as demand for AI applications continues to grow. For Broadcom, the partnership provides a vital avenue to expand its custom AI semiconductor business. The company is simultaneously scaling its AI infrastructure capabilities through alliances with major financial institutions. Together with Apollo and Blackstone, Broadcom launched the AI XPV platform, designed to support more than 20 gigawatts of compute capacity.

Anthropic’s rapidly increasing compute demands present a substantial opportunity for custom XPU technology. Beyond AI accelerators, Broadcom is well-positioned to capitalize on growing demand for high-speed Ethernet networking required to connect increasingly large AI clusters. These dynamics highlight why securing major AI customers is becoming essential to Broadcom’s long-term growth strategy, offering additional revenue visibility while strengthening its foothold in custom AI silicon and networking. As hyperscalers and AI laboratories increasingly seek customized computing solutions, the partnership also helps diversify Broadcom’s exposure beyond traditional semiconductor markets.

Broadcom’s latest financial results underscore the scale of this AI-driven expansion. AI semiconductor revenue surged 221% year over year to $16.7 billion in fiscal third-quarter 2026, reflecting the rapid acceleration in demand for the company’s AI-related products. Management expects AI semiconductor revenue to reach approximately $115 billion in fiscal 2027 and potentially $230 billion in fiscal 2028. These projections illustrate why capturing and retaining major AI clients will be critical to sustaining the company’s growth trajectory.