Broadcom (NASDAQ: AVGO) is benefiting from its partnership with Google’s parent company, Alphabet (NASDAQ: GOOGL), as Google’s tensor processing chips (TPUs) are developed with Broadcom. The recent deal with Anthropic indicates more TPU revenue for Broadcom, leading analysts to name it as a top semiconductor pick over NVIDIA (NASDAQ: NVDA).

Google’s Gemini 3 artificial intelligence (AI) model release is boosting Broadcom’s stock, with Gemini 3 Pro performing exceptionally well in third-party rankings. Google trained Gemini 3 solely on TPUs, marking a shift from relying on NVIDIA GPUs. Broadcom’s competitive edge is strengthened, potentially capturing more AI spending.

Broadcom’s connection with Google has pushed its stock close to all-time highs, reaching $385 on Nov. 25. The iShares Semiconductor ETF (NASDAQ: SOXX) and NVIDIA have dipped since their peak on Oct. 29. Google, however, has seen a 21% increase and remains a market favorite, delivering a total return of approximately 70% in 2025.

Wall Street analysts remain optimistic about Broadcom, with a consensus price target of $374 indicating a slight downside. Price targets averaging $423 suggest 10% upside potential, including Raymond James Financial’s $420 target. Broadcom’s upcoming earnings report on Dec. 11 will be closely watched, along with competitor Marvell Technology’s (NASDAQ: MRVL) results on Dec. 2.

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Read more at Nasdaq.: Google’s Gemini 3 Sends Broadcom Soaring: TPUs Take Center Stage