Broadcom is experiencing a surge in demand for its AI custom chips, with its Tomahawk 6 switch chips completely sold out, according to a recent JPMorgan meeting. The demand for inference is accelerating the adoption of custom XPUs, with expectations that the XPU to GPU shipment ratio among frontier model builders could reach 50:50 by next year. Additionally, Google's TPU v9 roadmap is on track, and Apple's ASIC collaboration with Broadcom has been extended to 2031, including new AI accelerator projects. OpenAI is also preparing to release its next-generation XPU. Despite the high demand, Broadcom does not anticipate an oversupply of AI compute in 2027/2028. JPMorgan maintains an Overweight rating on Broadcom, highlighting its position as a leading AI semiconductor and custom chip supplier.