AI Chip Demand Continues to Accelerate

Broadcom (AVGO) is raising its expectations for AI-chip revenue sharply, guiding to $115 billion in FY27 and $230 billion in FY28, compared with $58 billion this year. The company cited demand from Anthropic, OpenAI and Meta, with deployments requiring roughly 15GW, 6GW and 3GW of capacity, respectively.

Management also noted that land, power, buildings, silicon, substrates and memory are all limiting deployment – reinforcing a theme from recent weeks: AI demand remains strong, but available infrastructure may determine how quickly it can be met.

Exhibit: Broadcom’s AI Chip Revenue Outlook

GPT-6 Astra Raises the Frontier – and the Security Stakes

OpenAI released GPT-6 Astra, its most capable and aligned model to date. The model completes computer-use tasks about 47% faster thanGPT-5.6 Sol and is the first OpenAI model rated “Critical” for cybersecurity after identifying two previously unknown software vulnerabilities during testing.

Astra also showed improvements in alignment and hallucination rates, although Anthropic’s Claude remains ahead on some composite benchmarks. The frontier remains competitive, while increasingly capable AI agents create both cheaper automation and more sophisticated security challenges.

 Exhibit: GPT-6 Astra Performance, Alignment &Cybersecurity

China Builds Around Nvidia’s Export Restrictions

DeepSeek is reportedly preparing to order at least 160,000 Huawei Ascend 950DT accelerators for a new data center in Inner Mongolia – the largest disclosed Chinese-silicon order by a frontier AI lab.

The move highlights China’s push to scale AI without Nvidia hardware restricted by U.S. export rules, while potentially giving Huawei a major reference customer. Meanwhile, Anthropic agreed to $35 billion in compute capacity with Lambda, following a $45 billion deal with Nscale, both built around Nvidia hardware.

The contrast is notable: custom and alternative chips are gaining ground, but frontier AI labs continue committing heavily to Nvidia infrastructure.

GPU Prices Continue to Rise

The broader GPU recovery continues. All five tracked GPUs are higher on the smoothed series since January, with the four-GPU average up approximately 37%. Even older models are participating, with the A100-80GB up 29%, L40S up 44% and H100 up 69%.

Exhibit: GPU Pricing Continues to Climb

Open-Weight Models Continue to Gain Ground

Open-weight models remain the clearest source of price compression. Matched open-weight quotes are down approximately 55% since February 2025, compared with 6% for frontier and 4% for small models.

Usage is shifting alongside pricing: open-weight token volume has grown roughly 496×, compared with 37× for frontier models and 111× for proprietary small models. Open-weight models now account for approximately 60%of routed tokens, down from a 69% peak but well above their 22% share at the start of the period.

The trend from recent weeks continues: AI usage is expanding across the model stack, while lower-cost open-weight models maycapture an increasing share of that growth.

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As AI continues to reshape computing, software, and the broader economy, identifying the companies positioned to benefit from these long-term trends is becoming increasingly important. LRNZ seeks to provide concentrated exposure to companies at the forefront of AI and deep learning, focusing on businesses where advanced AI applications may create a distinct competitive advantage.

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