Broadcom Stock (AVGO): What to Know Before the Market Opens on November 24, 2025

Broadcom (NASDAQ: AVGO) heads into Monday’s session as one of the most closely watched AI and semiconductor stocks in the market. After a volatile week, investors are weighing explosive AI growth against fresh legal and regulatory headlines tied to its VMware business — plus new quantum‑safe” networking products that could strengthen its position in data‑center infrastructure.

Here’s a detailed look at what Broadcom stock traders and long‑term investors may want to know before the opening bell on Monday, November 24, 2025.

Note: This article is for information and news analysis only and is not financial advice or a recommendation to buy or sell any security.

1. Broadcom stock is coming off a choppy but very strong year

Broadcom shares closed Friday, November 21, 2025 at $340.20, down about 1.9% on the day, with intraday trading swinging between roughly $331.80 and $348.60. ^[1] That capped a volatile week in which AVGO fell on both Thursday and Friday, even as broader indices rebounded.

Despite the recent pullback, the stock’s bigger picture remains very strong:

Over the last 12 months, AVGO’s share price has more than doubled, with MarketBeat estimating a roughly 107% gain. ^[2]
Year to date, Broadcom’s total return (including dividends) is around 47–48% as of November 21, 2025. ^[3]
Broadcom is now widely viewed as part of the Magnificent Seven” and one of the world’s largest companies by market value, having first crossed the $1 trillion market‑cap mark in late 2024. ^[4]

In other words, heading into Monday’s open, Broadcom is a high‑momentum mega‑cap that has already priced in a lot of AI optimism — and that makes the reaction to any new headline or data point more sensitive.

2. AI is still the growth engine: Q3 numbers and Q4 guidance

If there’s one reason AVGO trades like an AI play rather than a traditional chip stock, it’s the company’s AI semiconductor franchise.

In its fiscal Q3 2025 (reported in early September), Broadcom delivered: ^[5]

Revenue: about $15.95 billion, up 22% year over year, beating Wall Street expectations.
AI revenue: roughly $5.2 billion, up 63% year over year, driven by custom AI accelerators and high‑speed networking for hyperscale data centers.
Infrastructure software revenue (including VMware): about $6.8 billion, up 43% year over year as the VMware acquisition continues to scale. ^[6]
Free cash flow: a record $7.0 billion, up 47% year over year, according to the company’s Q3 release. ^[7]

Management’s outlook keeps AI at the center:

Broadcom guided Q4 2025 revenue to about $17.4 billion, ahead of analyst estimates, citing continued AI chip demand. ^[8]
Within that, AI semiconductor revenue is expected to rise to about $6.2 billion in Q4, up roughly 66% year over year. ^[9]

Looking further out, Broadcom told investors it has secured more than $10 billion in AI infrastructure orders from a new customer, and expects AI revenue growth to improve significantly” in fiscal 2026. ^[10]

For Monday’s session, these numbers are old news, but they remain the anchor for valuation and sentiment. Any headline that changes the market’s confidence in Broadcom’s AI growth trajectory — either positively (new deals, new products) or negatively (client pushback, competition) — is likely to move the stock.

3. New quantum‑safe and high‑speed networking products are in focus

Broadcom has spent the past few weeks rolling out new data‑center infrastructure products, and this is very much part of the pre‑market narrative.

Key product headlines heading into November 24:

The company introduced a new Brocade Gen 8 128G SAN switch portfolio (including the G820 switch), billed as the world’s first quantum‑safe Gen 8 128G SAN switch lineup. ^[11]
- The switches offer 56 128G SFP+ ports, low latency, and are designed for enterprise AI and mission‑critical workloads in modern data centers. ^[12]
- Quantum‑safe security and embedded SAN‑AI features are pitched as future‑proofing for AI‑heavy environments. ^[13]
Reuters has also highlighted Broadcom’s plans to launch a new networking chip that helps customers build large AI systems by more efficiently linking accelerators together, intensifying its competition with Nvidia in data‑center networking. ^[14]

Investor‑oriented coverage from outlets like Investor’s Business Daily and others has framed these launches as part of Broadcom’s quantum‑safe” and AI‑centric push, even while noting recent sector volatility. ^[15]

Why it matters for Monday:

These product announcements support the bull case that Broadcom is not just an AI chip supplier but also a core plumbing provider for AI data centers — from custom silicon to the storage and networking fabric.
At the same time, AI hardware stocks saw sharp pullbacks late last week despite strong Nvidia earnings, showing that good news can be overshadowed by broader AI sentiment or macro worries. ^[16]

4. VMware and licensing: Fidelity lawsuit and security concerns

The big new overhang on Broadcom heading into Monday’s open is legal and reputational risk tied to its VMware business.

Fidelity lawsuit over access to critical software

On November 17, 2025, a subsidiary of Fidelity Investments (Fidelity Technology Group) filed a lawsuit against Broadcom, alleging the company threatened to cut off access to critical VMware‑based virtualization software that underpins Fidelity’s core trading and account systems. ^[17]

Key points from the complaint:

Fidelity says the software has been central to its operations since 2005, and losing access could cause massive system outages” for roughly 50 million customers. ^[18]
The dispute stems from Broadcom’s post‑acquisition decision to end standalone VMware licenses and move customers to higher‑priced subscription bundles. Fidelity argues this violates its existing contract. ^[19]
Broadcom initially set a termination date of December 22, then extended access to January 21 to give the court time to rule on Fidelity’s request for an injunction. ^[20]

Both companies have declined public comment so far. ^[21]

For investors, the case raises two immediate questions:

Will other large customers file similar suits over VMware licensing?
Could a court force Broadcom to alter its VMware licensing model, impacting the high‑margin infrastructure software story?

VMware security vulnerability flagged by CISA

Separately, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) recently added a VMware Aria Operations / VMware Tools vulnerability (CVE‑2025‑41244) to its Known Exploited Vulnerabilities catalog. ^[22]

The flaw, with a severity score of 7.8/10, allows a local user to escalate privileges inside a VM and has reportedly been exploited by a Chinese state‑linked hacking group targeting defense and government entities. ^[23]
U.S. federal agencies were ordered to patch or discontinue use by November 20, 2025. ^[24]

While security vulnerabilities are routine in large software stacks, this one directly touches VMware by Broadcom and feeds into investor concerns about operational and reputational risk in the infrastructure software segment.

Ongoing pushback on VMware licensing and partner programs

The Fidelity case and security headlines come on top of months of partner and customer unrest since Broadcom closed its $69 billion VMware acquisition in late 2023. ^[25]

Recent developments include:

Broadcom significantly reduced the number of authorized VMware Cloud Service Providers (VCSPs) in 2025, cutting the list from more than 4,500 providers to a much smaller group and pushing many partners out of the ecosystem. ^[26]
At VMware Explore 2025, analysts highlighted aggressive pricing mechanics, including raising the minimum licensed cores per order from 16 to 72, which can dramatically increase customer costs. ^[27]
In Europe, cloud providers organized through CISPE have filed an action to annul the European Commission’s approval of the VMware acquisition, arguing it harms competition in cloud infrastructure. ^[28]

Heading into Monday, investors will be watching for any follow‑up commentary — from courts, regulators, or large customers — that could hint at future financial or reputational impact from Broadcom’s VMware strategy.

5. Wall Street is bullish, but expectations are sky‑high

Jefferies crowns Broadcom its top semiconductor pick

One of the most talked‑about analyst moves this month came from Jefferies, which replaced Nvidia with Broadcom as its top semiconductor stock pick.

Key details: ^[29]

Jefferies raised its price target on AVGO from $415 to $480, implying roughly 35–40% upside from recent trading levels around the low‑$340s.
The analysts cite Broadcom’s custom AI chip (ASIC) business and partnerships with major clients like Google, Meta, and OpenAI, arguing that custom silicon is at an inflection point as hyperscalers seek lower‑cost, tailored alternatives to off‑the‑shelf GPUs. ^[30]
Jefferies lifted its Broadcom revenue forecasts to about $100 billion in 2026 and $130 billion in 2027, far above current consensus, largely on the back of AI infrastructure demand and large custom‑chip deals (including a reported multi‑gigawatt OpenAI agreement that could ultimately yield tens of billions in annual revenue). ^[31]

Other coverage has echoed the idea that Broadcom is an AI infrastructure leader with a long growth runway, though opinions differ on how much of that future is already priced into the stock. ^[32]

Consensus: mostly Buy,” with more modest targets

Broader analyst data as of late November shows:

An average 12‑month price target around $374–$403 per share, implying roughly 10–18% upside from Friday’s close, depending on the source. ^[33]
Most firms rate Broadcom a Buy” or equivalent, reflecting confidence in AI growth and VMware integration, though there is a spread in targets — some as low as ~$210, others as high as $460–$480. ^[34]

CEO compensation now explicitly tied to AI revenue

In a move that grabbed headlines, Broadcom disclosed that CEO Hock Tan’s latest performance stock award is tied directly to future AI revenue milestones. ^[35]

The award can fully vest if Broadcom hits $90 billion in AI revenue over any four consecutive quarters between fiscal 2028 and 2030, with larger payouts if AI revenue climbs even higher. ^[36]
At current prices, the award is worth over $200 million, and news of the package — plus its aggressive AI goals — drove a double‑digit one‑day gain in AVGO shares when it was announced. ^[37]

For Monday, the takeaway is that Wall Street and management are aligned around an extremely ambitious AI growth path. That can be positive — but it also means any slowdown would be punished.

6. Balance sheet strength and credit upgrade

Beyond growth, Broadcom has been de‑risking its balance sheet:

S&P Global Ratings upgraded Broadcom’s credit rating to A‑, citing a forecast that leverage will decline to around 1.2× in fiscal 2025 from about 2× in 2024, thanks to strong cash generation and disciplined capital allocation. ^[38]

A stronger credit profile gives Broadcom more flexibility in:

Funding large AI and networking investments,
Managing shareholder returns via dividends and buybacks,
Weathering any regulatory or legal costs tied to VMware.

For investors watching into Monday, this underpins the quality mega‑cap” narrative even as the stock trades like a high‑beta AI play.

7. Ownership trends: fund rebalancing and insider activity

Recent filings show a mixed picture of institutional behavior around AVGO:

Guerra Pan Advisors LLC boosted its Broadcom position by about 3.8% in Q2, making AVGO its second‑largest holding at around 5.2% of its portfolio. ^[39]
New World Advisors LLC recently disclosed a new stake of 2,480 Broadcom shares. ^[40]
Rhumbline Advisers trimmed its stake by 1.4%, but still holds over 8.5 million shares, with Broadcom ranking as its sixth‑largest position. ^[41]
By contrast, Evelyn Partners Investment Management Services Ltd cut its AVGO holdings by 99.9% in Q2, selling more than 2.7 million shares and retaining about 3,000. ^[42]

On the insider front:

Broadcom director Justine Page recently sold 800 shares at roughly $331 per share, in a planned 10b5‑1 transaction, and still directly holds over 21,000 shares. ^[43]

Overall, the data suggest some profit‑taking and rebalancing after a huge run, but AVGO remains a core holding for many large institutions.

8. Key dates and catalysts investors are watching

Beyond Monday’s open, there are a few big dates and themes that will frame how AVGO trades:

Monday, November 24, 2025 (tomorrow):
- Watch for any weekend developments in the Fidelity vs. Broadcom lawsuit, especially if new court filings or commentary emerge. ^[44]
- Sector‑wide moves in AI hardware stocks after Nvidia’s recent earnings and guidance will likely spill over into AVGO. ^[45]
- Macro headlines — particularly around interest rates and Fed policy — remain important for high‑valuation tech stocks. ^[46]
Thursday, December 11, 2025 – Q4 earnings & full‑year 2025 results:
- Broadcom has confirmed it will report Q4 and full‑year 2025 results after the close on December 11, followed by a 5:00 p.m. ET conference call. ^[47]
- Investors will be focused on:
  - Whether Q4 revenue hits the $17.4 billion guidance,
  - The AI revenue run‑rate and updated 2026 outlook,
  - Any changes to VMware strategy or comments about customer churn and litigation risk.
Regulatory and legal timeline:
- The CISPE challenge to VMware’s EU approval and the Fidelity case may both unfold over many months, providing a stream of incremental headlines rather than a single binary catalyst. ^[48]

9. Bull vs. bear talking points heading into Monday’s open

To understand how AVGO might trade at the open, it’s useful to think in terms of what bulls and bears are focused on right now.

The bullish case, in brief

Explosive AI growth: AI revenue up 63% year over year to $5.2 billion in Q3, with management guiding to $6.2 billion in Q4 and stronger growth in 2026. ^[49]
Massive long‑term AI ambition: CEO incentives and Jefferies’ forecast for $100–130 billion of revenue by 2027 highlight management’s and the Street’s belief in a multi‑year AI super‑cycle. ^[50]
Moat in infrastructure: Broadcom is deeply embedded in networking, storage, and custom AI chips — the picks and shovels” of AI — making it harder for rivals to displace. New quantum‑safe switches and networking silicon reinforce that moat. ^[51]
Strong fundamentals: Record free cash flow, improving leverage, and a recent credit rating upgrade to A‑ support the narrative of a financially robust compounder, not a speculative AI bet. ^[52]

The cautious (or bearish) view

Valuation risk: After a ~47% YTD run and more than 100% 12‑month gain, AVGO is priced for continued perfection in AI. ^[53] Any sign of slower orders, margin pressure, or customer pushback could trigger sharp multiple compression.
VMware integration friction: Lawsuits like the Fidelity case, customer complaints about licensing costs, security vulnerabilities, and EU scrutiny all create headline and churn risk for a business that now accounts for a large chunk of Broadcom’s software revenue. ^[54]
Competitive pressures: Nvidia remains dominant in GPUs, while players like AMD and Qualcomm are pushing deeper into AI data‑center silicon, which could intensify pricing pressure over time. ^[55]
Macro sensitivity: As a high‑growth tech name with a rich valuation, AVGO is vulnerable to higher interest‑rate expectations or risk‑off shifts, even if its fundamentals remain intact. ^[56]

10. What to watch in Broadcom stock at Monday’s open

When markets open on Monday, November 24, 2025, AVGO traders and watchers may focus on:

Early price action vs. AI peers
- Does Broadcom trade in line with Nvidia, AMD, and other AI hardware names, or does the Fidelity lawsuit and VMware risk cause it to lag? ^[57]
Any new developments on Fidelity vs. Broadcom
- New filings, court scheduling updates, or public statements from either side could influence how investors price legal and reputational risk. ^[58]
Follow‑through on quantum‑safe switch and networking news
- Additional customer announcements, analyst notes, or enterprise commentary could help the market quantify the revenue opportunity from the new Brocade Gen 8 128G portfolio and next‑gen networking chips. ^[59]
Rotation signals from institutional flows
- Over time, 13F filings and ownership updates will show whether recent profit‑taking (such as Evelyn Partners’ near‑exit) is spreading, or whether big funds are buying the dip after the recent pullback. ^[60]

Bottom line

Broadcom enters Monday’s session as a high‑conviction AI infrastructure leader with:

Explosive AI revenue growth,
A pipeline of new networking and quantum‑safe storage products,
Strengthening balance sheet and credit profile, and
Strong Wall Street support — but also lofty expectations.

At the same time, VMware‑related legal, regulatory, and security issues are moving from background noise to front‑page headlines, adding complexity to the story just weeks before the next earnings report on December 11, 2025. ^[61]

How AVGO trades at the open on November 24 will likely hinge on which narrative investors emphasize: the long‑term AI upside or the near‑term VMware and valuation risks.

Again, this coverage is for informational purposes only. Anyone considering Broadcom stock should carefully review the company’s filings, earnings calls, and their own risk tolerance or speak with a qualified financial adviser before making investment decisions.

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