JPMorgan analyst Harlan Sur believes Google's (GOOG, GOOGL) second generation deep learning/artificial intelligence processor chip introduced yesterday, the Cloud Tensor Processor Unit, is co-designed by Broadcom (AVGO). Broadcom, which also co-designed the first generation chip, will be responsible for manufacturing/test/packaging and selling/shipping the processors directly to Google's data centers, Sur tells investors in a research note following Google's developer conference. The analyst continues to expect that Broadcom's custom silicon business will approach $2B in revenues over the next few years, growing 10%-12% annually. Sur has an Overweight rating on the shares with a $260 price target.
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