Investing.com -- Mizuho said investor concerns about one key semiconductor name losing ground to competitors in the custom chip market are overblown and urged clients to buy the recent pullback, citing a massive potential opportunity from Google's accelerating TPU buildout.

Broadcom is the stock in question.

Analyst Vijay Rakesh hosted Mizuho's 10th quarterly AI ASIC roadmap call, highlighting projections for Google's Tensor Processing Unit shipments to reach approximately 35 million units by 2028, up roughly 8x from an estimated 4.3 million in 2026.

Rakesh said this trajectory could drive a $600 billion-plus opportunity for Broadcom by 2028, combining TPU revenues with data center infrastructure deals with Apollo and Blackstone.

"Buy the AVGO pullback; we believe investor concerns with ASIC/GPU share and MTK competition are overblown," Rakesh wrote.

On the competitive threat from MediaTek, Mizuho said the challenger faces meaningful execution hurdles, including third-party SerDes integration challenges and maturing packaging yields.

Broadcom, by contrast, offers a full-stack ASIC, SerDes, and packaging platform. Mizuho said even at a conservative 60% TPU market share, which is below Broadcom's current estimated share of more than 80%, the company could generate approximately $300 billion in TPU revenues alone in 2028.

Mizuho also flagged additional upside from OpenAI and Meta ASIC ramps in the first half of 2027, as well as a potential ARM AI ASIC launch in late 2026 or early 2027.