Research|TPU Update: Competitive Dynamics Shift as Google Prioritizes MediaTek Engagement

In this update, we address the sustainability of Broadcom’s AI backlog and, more importantly, the significantly evolving competitive landscape for Google’s TPU silicon. While Broadcom remains the incumbent, our latest checks indicate a structural shift as Google is now actively prioritizing its engagement with MediaTek to diversify its supply chain and mitigate concentration risk. Unlike previous assessments that viewed this potential displacement as difficult to validate, current signals imply that Google is fully committed to validating MediaTek as a second source, thereby fundamentally altering the long-term competition narrative.