Broadcom could finance up to $92 billion in chip purchases for Anthropic and OpenAI, including $42 billion of senior debt for Anthropic backed by Broadcom guarantees and the residual value of its chips. An $18 billion junior debt tranche for Anthropic would have no Broadcom guarantee and must wait until Anthropic's financials are public, while Broadcom is also in talks to secure up to $50 billion for OpenAI to buy its custom XPUs. The article argues this strengthens Broadcom's competitive position in custom AI chips but adds risk, since XPUs are less versatile than GPUs and their resale value could be lower. OpenAI plans to deploy 1.3 gigawatts of XPUs next year and up to 5 gigawatts in 2028, while Anthropic is on track to become Broadcom's largest XPU customer next year.
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