Broadcom (AVGO) Shares Surge on AI-Driven Earnings Optimism

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2026-06-04 12:26:02

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Broadcom Inc. (AVGO) shares climbed to a record intraday high Wednesday as Wall Street anticipates another earnings beat. Analysts project $2.39 EPS on $22.13 billion revenue—a sharp jump from last year’s $1.58 EPS and $15 billion. The semiconductor giant’s custom AI chips for hyperscalers like Google (GOOGL) and Meta (META) position it to capitalize on the projected $650 billion AI infrastructure spend.

The stock’s 38x 2026 P/E multiple reflects raging demand for its AI accelerators. Citi’s $500 price target implies 20% upside, citing Broadcom’s dual advantage in networking chips and enterprise software integration. Last quarter’s 4.28% earnings surprise ($1.95 vs $1.87 estimate) cemented its status as a core AI holding.

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