OpenAI가 Broadcom을 선정하여 첫 번째 맞춤형 AI 가속기 칩을 개발하고 있으며, NVIDIA 다음의 AI 칩 2위 위치를 두고 경쟁이 치열해지고 있습니다.
Broadcom's position inside OpenAI became one of the most valuable customer relationships in semiconductors in June, when OpenAI unveiled Jalapeno, its first custom AI inference chip, developed with Broadcom. That partnership put Broadcom inside a customer that could become one of the largest silicon buyers on the planet.
OpenAI has since disclosed that it is working with Samsung on next-generation chips, though without specifying Samsung's role. Samsung could supply memory, fabricate logic, contribute design work, or eventually compete for a successor to Jalapeno—a distinction that has left investors uncertain about Broadcom's competitive position. Broadcom stock closed at $364.38 on Wednesday, down 13.74% over the past month, with part of that drawdown reflecting investors pricing the Samsung uncertainty into a name trading at 47 times trailing earnings.
On the September 2 earnings call, CEO Hock Tan said Broadcom shipped Jalapeno to OpenAI during the quarter and is on track for a planned deployment of 1.3 gigawatts in 2027, with line of sight to over five gigawatts in 2028. That trajectory would make OpenAI Broadcom's second-largest XPU customer behind Anthropic. Tan's framing was direct: "The lesson here is when you co-develop a chip that is optimized for your particular LLM workloads, you will outperform any GPU." Broadcom is already developing OpenAI's third-generation XPU, suggesting the design relationship extends well beyond Jalapeno itself. Broadcom projects $115 billion in AI semiconductor revenue in fiscal 2027 and $230 billion in fiscal 2028, figures that assume the marquee lab customers remain committed partners.
Nothing OpenAI has said supports the claim that Samsung has displaced Broadcom or won any specific piece of work. Multiple layers matter in chip partnerships: someone designs the accelerator, someone fabricates it, someone supplies the HBM stacked next to it, and someone supplies the switch silicon that lashes thousands of them together. Broadcom's moat sits in accelerator co-design and Ethernet networking. Samsung is a foundry and leading memory vendor. A second partner at the memory or fabrication layer does not automatically displace an incumbent at the design and networking layer, and Broadcom's Tomahawk 6 and Tomahawk Ultra platforms tie the XPUs together regardless of who fabricates them. What would actually threaten Broadcom is OpenAI awarding Samsung the design mandate for a Jalapeno successor, or standardizing on a non-Broadcom scale-up fabric. Neither has been announced.
Q3 AI semiconductor revenue reached $16.7 billion, up 221% year-on-year, with XPUs accounting for 73% of AI revenue. Free cash flow was $13.66 billion. Analysts carry an average price target of $533.41, with 37 Buy and 8 Strong Buy ratings against 4 Holds. Forward earnings sit at 19 times, which is not demanding if the fiscal 2027 AI plan lands anywhere close.
Broadcom looks well-positioned based on the current setup. The Samsung disclosure is a legitimate risk to monitor, but it doesn't change the fact that Broadcom sits inside four hyperscale design programs—Google, Meta, Anthropic, and OpenAI—with multi-generation roadmaps and owns the Ethernet fabric those clusters run on. Until OpenAI names Samsung as the designer of Jalapeno's successor, the base case remains that the June win still counts.