NEW YORK, May 29, 2026, 14:04 (EDT)
Broadcom Inc. climbed to a record high in Friday trading before retreating. The chipmaker drew investor attention ahead of its earnings report next week, as AI infrastructure demand remains in focus.
Broadcom shares were up 1.9% to $434.48, after touching $448.44 earlier. Investing.com reported the stock reached an all-time high in morning action. Around 14.8 million shares traded, with market cap near $2.11 trillion.
Broadcom’s next earnings report lands soon. The company posts its fiscal Q2 numbers after the bell on June 3 and management will hold a call at 5 p.m. EDT.
Another catalyst showed up late Thursday. Apollo Global Management and Blackstone are said to be looking for investors for roughly $36 billion in debt financing linked to Anthropic’s push to build out AI infrastructure, according to Reuters, which cited Bloomberg News. The debt would be used to buy Google TPUs—custom chips for AI—which Anthropic will lease. Broadcom, Google’s chip partner, is backstopping the main payment pieces, the report said.
Analyst calls gave the bid a boost. Susquehanna’s Christopher Rolland bumped his Broadcom target to $490 from $450, saying he’s still “optimistic on Broadcom’s ASIC business”—that’s the unit making custom chips. Aletheia Capital’s Stefan Chang took his target to $525 from $500, noting that “near-term numbers are less important” compared to Broadcom’s TPU comments. TipRanks
Broadcom’s latest results have sustained interest in the stock. In March, the company posted first-quarter revenue of $19.31 billion, a 29% gain from last year, with AI-related revenue jumping 106% to $8.4 billion. CEO Hock Tan said “AI revenue growth is accelerating.” The company projected about $22.0 billion in second-quarter revenue. Broadcom Inc.
FuriosaAI is looking to prove its AI effort doesn’t just depend on a single customer or a single chip. The company said Wednesday it has teamed up with Broadcom to build a third-generation AI accelerator aimed at inference—the step of using an AI that’s already trained to generate results. “Inference performance is increasingly about data reuse and communication efficiency across servers and racks,” said Charlie Kawwas, Broadcom’s Semiconductor Solutions Group president. Business Wire
Anthropic tipped its hand in April, announcing it would deepen its partnership with Google and Broadcom for several gigawatts of new TPU capacity expected to be available starting in 2027. CFO Krishna Rao called the deal Anthropic’s “most significant compute commitment to date.” Anthropic
Broadcom’s action caught attention as the chip sector showed mixed results. Nvidia gained 0.9%. AMD dropped 2.6%. Marvell was off 0.5%. The iShares Semiconductor ETF, which tracks the group, was down 0.7% in early afternoon.
Marvell is still the closest comp. The company said this week its custom chip unit is on track for more than $10 billion in revenue by fiscal 2029 as cloud customers spend on AI data centers and work to curb dependence on Nvidia processors. That’s keeping the investor discussion focused on custom silicon, networking, and who collects revenue as big AI players scramble for power, chips and financing.
But there’s less room for letdown in this setup. Reuters reported Anthropic’s debt talks are still going on, and the numbers could move. If Broadcom’s backstop brings up concerns about its balance sheet, or if demand for leased chips falls off, or if next week’s forecast doesn’t deliver a bigger AI deal flow, pressure could build on the stock’s valuation. Broadcom was last trading at more than 100 times trailing earnings, according to market data.
Investors aren’t focused just on whether earnings top estimates. The June 3 call is becoming a check on how much Broadcom can actually tie 2027 and 2028 AI demand to funded hardware orders, not just customer talk.
