Broadcom's AI Inference Surge Exceeds Expectations: JPMorgan's July Report Reveals Growth Drivers Behind $325 Target

JPMorgan's July 9 research reveals Broadcom's AI inference workload demand surge exceeding 2027 projections as new growth driver. Company's 2nm 3.5D AI XPU tape-out progresses on schedule with potential partnerships including Arm/Softbank and OpenAI. AI networking revenue (30% of AI total) delivers above-average margins, with 2026 AI revenue projected to grow 60%. Non-AI semiconductor business shows U-shaped recovery while VMware targets $200B annual revenue. JPMorgan maintains Overweight rating with $325 target based on 33x P/E and strong operating leverage.