The analyst is bearish on Intel (INTC) due to Broadcom (AVGO) likely being the sole supplier for Google's TPU v9 using TSMC's CoWoS-L technology, which may negatively impact Intel's EMIB-T business and MediaTek's TAM due to Google's SRAM-based compute engine with Marvell.
Google is developing an SRAM-based compute engine with Marvell, similar to NVIDIA's Groq LPU, expected to reduce MediaTek's TAM. Broadcom is likely the sole supplier for Google's TPU v9 using TSMC's CoWoS-L, which is bearish for Intel's EMIB-T.
JPM's supply chain survey indicates that Google is developing an SRAM-based compute engine in collaboration with Marvell (a concept similar to NVIDIA's Groq LPU), and this is expected to negatively impact MediaTek's TAM. (@FundaAI made a really impressive call.) Additionally, JPM forecasts that in Google's TPU v9, $AVGO (Broadcom) is highly likely to be the sole supplier using TSMC's CoWoS-L technology. (Bearish on $INTC's EMIB-T?)
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | +0.0% | -1.2% |
| 1 week | -2.5% | -3.5% |
| 1 month | +57.9% | +52.6% |
| 3 months | +50.4% | +42.8% |
| 6 months | — | — |