US Semiconductors and Semi Equipment — SemiBytes: AVGO, SEMICON Preview, STX/WDC, CRWV Event, AMD

Following our extensive analysis tying semiconductor estimates to powered shell availability, we are more convinced than ever that this is a major debate for semis that is only intensifying. For C2027 we anticipate ~50GW of compute shipments (requiring ~57GW of powered data center including PUE factor) against current visibility for ~38GW of powered shell; in C2028 the gap widens further, though we still see a path to bridge it via early-stage grid projects, behind-the-meter solutions and China shipments. On AVGO, our supply chain checks indicate Google is replacing v9 (Pumafish) with multiple larger 3nm compute dies strung together in a multi-chip module, and AVGO will move to 2nm for v10 with its new 3.5D packaging and 448G SerDes, shipping in late 2028. The 2026 SEMICON West preview highlights manufacturing capacity expansion as the key theme, with WFE expected in the ~$280-300B range for C2028. Toshiba plans to double its data center HDD capacity within FY27, a major change to the