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Broadcom shares were up about 2% in early Monday trading as investors renewed confidence in the company’s AI chip outlook, following CEO Hock Tan’s rejection of concerns that slower AI development would weaken demand for Broadcom’s custom processors and networking products.
Broadcom Inc. (NASDAQ: AVGO ) stock edged lower Tuesday, bucking a modestly higher broader market. The Nasdaq gained 0.03%, while the S&P 500 rose 0.08%. Broadcom’s decline appears to reflect profit-taking after a strong 12-month run. The stock remains well above key long-term moving averages despite Tuesday’s pullback