¿Por qué Nvidia y Broadcom siguen siendo líderes en el sector de semiconductores para el año 2026, a pesar del crecimiento impulsado por la inteligencia artificial?

The semiconductor industry in 2026 is being reshaped by an unprecedented surge in AI infrastructure demand, driven by hyperscalers investing heavily to scale their compute capabilities. As data centers evolve into "AI factories," the competition between Nvidia and Broadcom has intensified, with both companies securing dominant positions in critical segments of the AI ecosystem. This analysis examines their roles in AI accelerators, optical networking, and advanced chip manufacturing, and how rising hyperscaler capital expenditures (capex) and wafer fab demand position them as strategic long-term investments.

AI Accelerators: Nvidia's Dominance and Broadcom's Niche Strengths

Nvidia remains the undisputed leader in general-purpose AI accelerators, with its H100/H200 and GB200/GB300 GPU lineups capturing approximately 90% of AI accelerator spend in 2025. The versatility of its GPUs, coupled with robust software ecosystems like CUDA, has cemented its role as the go-to solution for AI developers. However, Broadcom has carved out a niche by focusing on custom AI accelerators tailored for hyperscalers. For instance, Google's Tensor Processing Units (TPUs) and Meta's MTIA programs rely on Broadcom's designs, which have driven a 74% year-on-year revenue surge in its AI semiconductor division, reaching $6.5 billion in Q4 2025. This growth is projected to accelerate in 2026, with orders from AI startups like Anthropic contributing $21 billion in backlog.

While Nvidia's stock outperformed many peers in 2025 with a 36% return, Broadcom's 50% gain underscored its ability to capitalize on hyperscaler demand for specialized hardware. The divergence in their strategies-Nvidia's broad applicability versus Broadcom's hyperscaler-specific solutions-ensures both remain critical to the AI infrastructure supply chain.

Optical Networking: A Strategic Battleground for AI Clusters

As AI clusters scale to hundreds of thousands of compute nodes, the demand for high-speed, low-latency networking solutions has become a bottleneck. Here, both companies are leading distinct but complementary innovations.

Broadcom's Tomahawk 6 switch, with 102.4 Tbps of bandwidth, has emerged as the gold standard for AI networking, offering unmatched power efficiency and throughput. Its third-generation co-packaged optics (CPO) solution, the TH6-Davisson, further reduces power consumption and enhances reliability, aligning with hyperscalers' push for open Ethernet standards. With a $10 billion AI networking backlog, Broadcom is poised to dominate the transition to 1.6 Terabit (1.6T) networking in 2026.

Nvidia, meanwhile, is redefining optical networking through silicon photonics and CPO integration. At SC25, it unveiled the Quantum-X Photonics InfiniBand CPO switches, which eliminate traditional pluggable transceivers, reducing power consumption by 3.5x and improving signal integrity by 64x. By 2026, its Spectrum-X Photonics platform will deliver 409.6 Tb/s of bandwidth via the SN6800 device, enabling AI clusters with millions of GPUs to operate at unprecedented efficiency. These innovations position Nvidia as a key enabler of next-generation AI data centers, where optical networking is no longer a luxury but a necessity.

Wafer Fab Demand: Supply Chain Constraints and Strategic Production

The explosive growth in AI infrastructure has strained global wafer fab capacity, with both Nvidia and Broadcom leveraging their market power to secure production.

Nvidia's Blackwell architecture, which underpins its GB200 and Rubin AI chips, has driven a 17% sequential revenue increase in 2025. To meet demand, the company is producing Blackwell chips at TSMC's Arizona facility and plans to expand production to Texas by mid-2026. Crucially, Nvidia has secured nearly all server manufacturing capacity for its Blackwell and Rubin platforms through 2026, while TSMC is expanding its 3nm capacity in Taiwan to prioritize Nvidia's next-gen Rubin lineup. These moves highlight Nvidia's ability to navigate supply chain bottlenecks, ensuring its dominance in AI compute remains unchallenged.

Broadcom, though less involved in chip manufacturing, benefits from its networking backlog and partnerships with hyperscalers. Its AI switch orders are already exceeding $10 billion, and its CPO solutions are critical for reducing power consumption in large-scale clusters. As hyperscalers prioritize cost efficiency, Broadcom's role in enabling open Ethernet standards ensures its networking components remain indispensable.

Hyperscaler Capex: A $602 Billion Catalyst for 2026

The projected $602 billion in hyperscaler capex for 2026-up 36% from 2025-represents a seismic shift in the semiconductor landscape. Approximately 75% of this investment ($450 billion) will target AI infrastructure, creating a virtuous cycle of demand for accelerators, networking, and advanced packaging.

Nvidia's 90% share of AI accelerator spend and Broadcom's leadership in AI switches mean both companies are uniquely positioned to capture a disproportionate share of this growth. Additionally, the industry's reliance on TSMC's CoWoS and HBM3e packaging solutions underscores the structural demand for advanced manufacturing, which Nvidia and Broadcom are actively shaping.

Strategic Longs for 2026: Why Both Matter

While Nvidia's end-to-end AI stack-from GPUs to networking-makes it a clear leader in compute infrastructure, Broadcom's focus on networking and hyperscaler partnerships ensures it remains a critical enabler of AI scalability. Their complementary strengths-Nvidia's innovation in silicon photonics and Broadcom's dominance in CPO and open standards-create a dual-axis of growth.

For investors, the key takeaway is that the AI-driven semiconductor boom is not a zero-sum game. Both companies are addressing different but equally vital aspects of the AI infrastructure value chain. As hyperscalers continue to raise debt to fund their AI ambitions, the demand for their products will only intensify, making Nvidia and Broadcom strategic long-term plays in 2026.