Broadcom (AVGO) Stock Is Down 26% But AI Revenue Just Hit a Record High
TLDR
- Broadcom’s AI semiconductor revenue hit $16.7 billion in Q3 2026, up 221% year over year.
- AVGO has pulled back around 26% from its June record high of $480.77.
- CEO Hock Tan expects AI revenue to reach $115 billion in 2027 and $230 billion in 2028.
- Broadcom partnered with Apollo and Blackstone on a $35 billion infrastructure financing vehicle covering 20+ gigawatts of compute capacity.
- Wall Street holds a Strong Buy consensus on AVGO with an average price target of $521.41, implying around 41% upside.
Broadcom’s stock currently sits around $367, down roughly 26% from its June closing high of $480.77. That pullback has come even as the company posted one of its strongest quarters on record.
Q3 2026 total revenue came in at $29.6 billion, up 86% year over year. AI semiconductor revenue surged 221% to $16.7 billion. Custom accelerators made up around 73% of that figure.
Semiconductor Solutions revenue jumped 127% to $20.84 billion, accounting for 70% of total sales. Infrastructure Software revenue rose 29% to $8.75 billion, driven by VMware private-cloud adoption.
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