ASIC Tolls

Broadcom's two tolls. ①The custom-ASIC co-design book — FIVE majors now: Google (a $21B TPU order + the Anthropic multi-GW deal), Meta (extended thru 2029; Hock Tan left Meta's board the same week), OpenAI (Jalapeño unveiled 06-24, no production date), Apple (NEW — $30B thru 2031), ByteDance (stale 2024 sourcing, unconfirmed) — the explicit COUNTER-case to inhouse-silicon's diversification thesis: "in-house" is largely outsourced to one designer. ②The VMware annuity turned adversarial: Tesco pulled 40,000 servers and is suing >£100M. Capex ~10% of D&A — designs, doesn't build. Track: Jalapeño tape-out, the sixth customer, the litigation spread, next earnings (~early Sept, unconfirmed).

STATUS · OPEN OPENED · 2026-07-28 LAST SEEN · 2026-07-28

Broadcom

2026-07-06/13 — Apple joins ⟨crawl 2026-07-28⟩

Apple confirmed as the fifth co-design customer — $30B through 2031 (8+ outlets converge).

2026-06-24 — Jalapeño unveiled ⟨crawl 2026-07-28⟩

OpenAI’s Jalapeño went from rumor to unveiled product (OpenAI newsroom): LLM-inference chip, gigawatt-scale target from 2026 — no tape-out/production date confirmed.

2026-06-17/18 — The second toll litigated ⟨crawl 2026-07-28⟩

Tesco pulled 40,000 servers off VMware and sued for >£100M — the licensing backlash became litigation; “VMware refugees” coverage continues through late July.

2026-04-14 — Meta to 2029 ⟨crawl 2026-07-28⟩

Meta extended the MTIA co-design through 2029 (1GW+); Hock Tan left Meta’s board the same week — resolving the optic.

2025-12 → 2026-04 — The Google book ⟨crawl 2026-07-28⟩

A $21B Google TPU order (Dec-25) plus Anthropic’s multi-gigawatt Google+Broadcom TPU expansion (04-07/08).

The Projection