BofA breaks down the Google TPU supply chain split — and $AVGO still owns the kingdom.
The numbers:
• Broadcom holds 55-60% of TPU TAM value (~$250-350bn)
• Marvell grabs 10-20% (~$50-100bn)
• MediaTek takes 20-30% (~$100-150bn)
Even with $MRVL winning a piece of the $GOOGL pie, Broadcom isn't going anywhere. They remain the TPU infrastructure backbone — the picks-and-shovels play in the custom silicon race.
This isn't disruption. It's diversification.
Google spreading supply across multiple vendors reduces single-vendor risk, but Broadcom's moat stays intact. They've been building custom AI silicon at hyperscale for years. That engineering depth and integration advantage doesn't evaporate overnight.
For $MRVL, this is a meaningful win — a foot in the door of one of the most strategic AI infrastructure buildouts in the world. But let's be clear: they're not displacing Broadcom. They're complementing.
The AI supply chain is big enough for multiple winners. But in TPU land, there's still only one king.
The numbers:
• Broadcom holds 55-60% of TPU TAM value (~$250-350bn)
• Marvell grabs 10-20% (~$50-100bn)
• MediaTek takes 20-30% (~$100-150bn)
Even with $MRVL winning a piece of the $GOOGL pie, Broadcom isn't going anywhere. They remain the TPU infrastructure backbone — the picks-and-shovels play in the custom silicon race.
This isn't disruption. It's diversification.
Google spreading supply across multiple vendors reduces single-vendor risk, but Broadcom's moat stays intact. They've been building custom AI silicon at hyperscale for years. That engineering depth and integration advantage doesn't evaporate overnight.
For $MRVL, this is a meaningful win — a foot in the door of one of the most strategic AI infrastructure buildouts in the world. But let's be clear: they're not displacing Broadcom. They're complementing.
The AI supply chain is big enough for multiple winners. But in TPU land, there's still only one king.