TMTB Morning Wrap

Good morning. Futures -65bps to start. Not a ton of war news overnight — WSJ reporting that hopes are fading that a final deal can be reached by tonight’s 8pm deadline. Iran attacked targets in the Gulf throughout the night and U.S. attacked targets on Kharg island.

Asia generally up overnight: TPX +0.25%, NKY +0.03%, SHCOMP +0.26%, Shenzhen +0.8%, Taiwan TAIEX +2.02%, Korea KOSPI +0.82%. Samsung finished -2% despite blow out numbers.

Huge numbers from Anthropic saying they are run rating $30B+, up from just under $20B a month ago.

Let’s get straight to it…

---

Anthropic:

---

AVGO: JPM Reiterates OW/Top Semi Pick; Google LTA Locks In Four TPU Generations Through 2031

JPM sees Broadcom’s new Google LTA as a landmark — covering custom silicon and networking for next four TPU generations through 2031, supporting both external and internal workloads, and drawing a direct parallel to the AVGO-AAPL RF deal that has been serially upsized since 2016. Anthropic’s capacity commitment has scaled rapidly from a $10B initial order in C3Q25 to ~3.5 GW starting CY27 (vs. prior 3 GW), with further upsizing expected. JPM now estimates TPU + associated networking revenue alone at $80–90B in 2027 — before Meta, OpenAI, SoftBank/ARM, or Bytedance — and is significantly more confident in $120B+ of FY27 AI revenues.

---

AVGO: William Blair Reiterates OP; Google LTA Through 2031 Quiets COT Fears, Anthropic Expansion Could Add ~$12B