An analyst sees ‘big upside’ ahead for Broadcom’s financials as the company’s arrangement with OpenAI could only be the beginning of a relationship between the two.

Shares of Broadcom ( AVGO 9.56%) surged higher on Monday, jumping as much as 10.6%. As of 12:38 p.m. ET, the stock was still up 10.2%. The catalyst that sent the networking specialist higher was word of a new partnership for its custom artificial intelligence (AI) chips.

OpenAI has partnered with Broadcom to produce its first in-house artificial intelligence processors, the latest tie-up for the world's most valuable startup for computing power amid surging demand for its services.

Multi-year partnership enables OpenAI and Broadcom to deliveraccelerator and network systems for next-generation AI clustersNews:OpenAI and

Unfortunately for investors, Broadcom doesn't specifically announce who its customers are. However, it's fairly easy to link clients, and various analysts have linked OpenAI to Broadcom in a $10 billion deal that was announced during its earnings call. This could be a valuable client on top of Broadcom's other three.