OpenAI and Anthropic Are Developing Their Own Custom AI Chips: Here Are the Stocks That Could Benefit The Most

OpenAI and Anthropic have made incredible advances in the capabilities and implementation of artificial intelligence over the last few years. Now, they're turning their attention to the hardware used to train and run their large language models.

Both companies are reportedly developing custom AI accelerators, which can offer better performance per dollar for specific processes than off-the-shelf solutions like Nvidia's GPUs. Both companies are looking to rapidly expand their compute capacity while reducing the cost per token for using their AI services to keep growing. More custom silicon solutions could mitigate supply chain constraints while reducing costs.

The leading AI labs could spend huge sums of cash on their custom chips. Here are the companies that could benefit most.

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The custom AI accelerator leader

OpenAI announced its collaboration with Broadcom (NASDAQ: AVGO) in October of last year with plans to deploy 10 gigawatts worth of compute capacity by the end of 2029. Last month, the two unveiled Jalapeño, the first chip designed in collaboration with one another. The "intelligence processor," as they're calling it, will be used for GPT inference, the process of actually calling the model in various applications like ChatGPT.

Broadcom has become the go-to partner for custom processors. Its most successful chip so far is Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) TPU line. Anthropic has signed deals to use Alphabet's TPUs, but OpenAI passed after exploring their potential. Nonetheless, Alphabet is seeing very strong demand for TPUs in its Google Cloud business, as the chips provide significant cost advantages over traditional GPUs in many instances.

The advantage of working with Broadcom for OpenAI is that it gains access to the chipmaker's intellectual property and its relationship with Taiwan Semiconductor Manufacturing (NYSE: TSM). The former allows it to use some of the same core designs that have produced excellent results for Alphabet and others, while the latter gives it access to the world's largest foundry with best-in-class production capabilities.

Broadcom's stock declined after its most recent earnings report. The big culprit was a disappointing earnings outlook. Nonetheless, the future looks bright for the company as it makes progress toward its goal of $100 billion in AI-related revenue in fiscal 2027 and cements its position as the leading custom AI accelerator partner. After the dip, it could be an opportunity for investors interested in owning the company behind the custom AI chip designs of many of the top hyperscalers.

This manufacturer could get a huge boost from Anthropic

Anthropic has chosen a different route than OpenAI. It appears to be building a chip from the ground up, and it has spoken with Samsung (OTC: SSNLF) about collaborating on the chip and using its foundry services, according to a report from The Information. That would be a major win for Samsung's foundry business, which has played second fiddle to TSMC when it comes to manufacturing cutting-edge AI accelerator chips.

But as TSMC faces production constraints (it takes years to stand up new fabrication facilities), Samsung has an opportunity to take some market share in the near term. That's especially appealing to a company like Anthropic, which has faced a severe compute shortage amid rising demand for its services, such as Claude Code and Claude Cowork. Samsung notably signed a deal earlier this year to produce certain Nvidia chips, helping alleviate supply chain bottlenecks for the chipmaker.

Samsung also produces memory chips, which have seen a surge in demand over the past year. While it's spending heavily to increase its production, the industry expects to remain in short supply through next year. Chipmakers using Samsung's logic chip fabrication business may gain access to its limited supply of memory chips for packaging with their AI chips. The memory chip shortage has given the business strong pricing power, driving near-term earnings for Samsung. But the foundry wins may prove more valuable in the long term if Samsung executes and leverages new deals, such as its potential opportunity with Anthropic.

Samsung shares fell after it released preliminary earnings results earlier this month. Investors may have been concerned about weaker-than-expected pricing for its memory chips, a result of signing more long-term agreements that cap pricing upside and downside. Long-term investors should focus on the foundry business. If it can make meaningful progress in gaining market share from TSMC this year, it could grow faster than demand for AI compute for several years to come, helping generate significant profits for the business after years of losses.

Adam Levy has positions in Alphabet and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Alphabet, Broadcom, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.