Broadcom (AVGO) Stock Falls 3% Pre-Market as Tech Selloff Hits AI Chip Names
TLDR
- Broadcom stock dropped 3.2% in pre-market trading to $350.48 on Monday, dragged down by a broad tech selloff.
- Tech executives calling for slower AI development triggered the wider semiconductor selloff.
- Broadcom’s Q4 revenue guidance of $34.8 billion missed the analyst consensus of $35.03 billion.
- Mizuho Securities reiterated a Buy rating with a $530 price target, implying 51% upside.
- Wall Street’s average 12-month price target sits at $519.21, with a Strong Buy consensus from 30 analysts.
Broadcom stock fell 3.2% in pre-market trading on Monday to $350.48, adding to a rough stretch that has seen the stock drop roughly 5% over the past 12 days.
The move came as prominent tech executives publicly called for a slower pace of AI development, sparking a selloff across semiconductor names. The broader market wasn’t helping either, with the Nasdaq off 1.8%, the S&P 500 down 0.8%, and the Dow lower by 0.3%.
Broadcom has been in a consolidation range since its September 2 earnings release, and Monday’s pre-market action looks like that range is testing its lower boundary.
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