BofA: TPU INTENSIFIES COMPETITION, BUT BUY $NVDA, $AVGO, $AMD Bank of America says TPUs increase competition in AI chips, but rising demand supports Nvidia (NVDA), Broadcom (AVGO), and AMD. NVDA trades at ~25x, undervaluing its 40%+ potential growth. AVGO could see 100%+ AI sales growth in 2026, reflecting its 38x PE premium, though Google licensing more TPUs could limit its market. AMD trades at 33x PE, supported by broad growth across CPUs, GPUs, embedded, and gaming.