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Exclusive Article
Why Anthropic's Custom Chip Plans Could Benefit BroadcomReported by Leo Miller. Article Published: 4/17/2026. 
Key Points
- Broadcom and Anthropic are partnering on a massive TPU deal
- Anthropic is also considering developing its own chips, providing an additional opportunity for Broadcom
- However, whether Anthropic will actually develop its own chips is far from confirmed
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Large language model developer Anthropic is one of the top names in the artificial intelligence (AI) race and is growing rapidly. From the end of 2025 to early April, Anthropic says its annual revenue run rate increased by more than three times, from $9 billion to over $30 billion. To support that growth, the company is partnering with semiconductor giant Broadcom (NASDAQ: AVGO). Anthropic plans to access 3.5 gigawatts of Tensor Processing Unit (TPU)-based AI compute through Broadcom over the coming years. These are the same types of chips Broadcom has co-developed with Google parent company Alphabet (NASDAQ: GOOGL).
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However, reports have indicated Anthropic is exploring the development of its “own” AI chips. For investors, it’s important to understand what that could mean — and why Anthropic pursuing custom chips might ultimately be another opportunity for Broadcom. AI Chip Development: Why Anthropic’s Exploration Could Include BroadcomAs first reported by Reuters, Anthropic is “exploring the possibility of designing its own chip," citing three unnamed sources. The report emphasizes these discussions are early: the company may ultimately decide to buy chips from other parties rather than design its own, and it has not yet assembled a dedicated team for the project. If Anthropic does move forward, that could have meaningful implications for Broadcom. At first glance, saying a company will build its “own” chips can sound like a move away from partners such as Broadcom. But in practice, “building your own” often means partnering with semiconductor specialists to co-design hardware tailored to the company’s needs. Consider the TPU: many view it as Google’s chip, yet Google has partnered with Broadcom to develop TPU technology for roughly a decade. Meta Platforms (NASDAQ: META) also works with Broadcom on its Meta Training and Inference Accelerator, and Amazon.com (NASDAQ: AMZN) partners with Marvell Technology (NASDAQ: MRVL) on its Trainium chips. This pattern shows that even the largest, best-funded AI companies rely on semiconductor experts for chip design. Despite Anthropic’s fast growth, it still competes against the resources of the Magnificent Seven. If industry leaders partner with semiconductor stalwarts, it’s likely Anthropic would follow a similar path — and Broadcom would be a natural contender. A partnership to develop custom chips could therefore be quite valuable to Broadcom. Expanding Beyond TPUs? Why Broadcom Could BenefitWhile Anthropic is currently purchasing TPUs, co-developing custom chips with Broadcom could be even more attractive to the chipmaker. Customized development requires more engineering and integration work, which would typically command higher margins than a straight hardware-supply arrangement like the TPU deal. Margins might also improve if Google is not part of a new partnership. If the TPU arrangement includes revenue sharing between Broadcom and Google, a direct Broadcom–Anthropic collaboration could allow more value to flow to Broadcom. The exact financial terms of the TPU agreement aren’t public, so the scale of this potential benefit is hard to quantify. Co-development agreements are usually multi-year commitments. Broadcom already has a multi-year TPU deal involving Anthropic, but a fully custom solution would likely deepen that relationship further. Given Anthropic’s rapid growth, a long-term custom partnership would be advantageous for Broadcom. That said, Broadcom is not guaranteed to win any future design work. Anthropic also has a strong relationship with Amazon: Amazon has invested $8 billion in Anthropic, and Anthropic uses Amazon’s Trainium chips. That connection makes Marvell — Amazon’s custom chip partner — a plausible alternative for any custom-chip deal. Anthropic’s Potential Custom Chip: All Smoke, No Fire at This PointIt’s important to stress that Anthropic’s custom chip may never materialize. But if it does, the upside could flow to Broadcom, Marvell, or other custom-chip developers — competition for a deal would not be limited to just those two. Of the likely candidates, Broadcom and Marvell have the strongest ties to Anthropic. Broadcom’s link is especially direct because Anthropic has already announced partnerships with the company; Marvell’s connection stems from Anthropic’s relationship with Amazon. |
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