Broadcom Breaks Above $400 After 143% AI Revenue Surge
AVGO sits 49% above its 52-week low of $281.87 on light trading volume (0.2× avg).
Summary
Broadcom's Q2 AI semiconductor revenue jumped 143% YoY, and management guided Q3 revenue up 84% with AI chip revenue expected to grow over 200% YoY. The stock has now broken above the $400 resistance level after a multi-week base, with that level turning into support and a path opening toward the $500 prior highs. This follows the Q2 earnings release on June 3 and the subsequent 13% post-earnings drop on June 4, making the current breakout a notable reversal. The technical move signals renewed momentum after the initial sell-off, driven by the strong AI growth narrative.
At the time of this announcement, AVGO was trading at $420.37 on NASDAQ in the Technology sector, with a market capitalization of approximately $2T. The 52-week trading range was $281.87 to $495.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Binance News.