Meta-Broadcom AI Deal Shifts Nvidia Reliance Without Displacement

Meta Platforms' expanded AI chip partnership with Broadcom through 2029, including over 1 gigawatt initial capacity and new inference chips by 2027, represents a diversification in AI infrastructure rather than Nvidia replacement. The deal aligns with Meta's $115B-$135B 2026 AI capex and commitments to AMD GPUs and Nvidia chips for training. Broadcom gains as custom silicon leader, supporting Meta stock at ~22x forward earnings amid multi-vendor AI growth.