Broadcom just wrapped up one of its loudest months of the AI era so far.
As of the close on Friday, November 28, 2025, Broadcom Inc. (NASDAQ: AVGO) finished at roughly $403 per share, near its all‑time high, after a week of upgrades, AI chip headlines and aggressive options positioning ahead of the company’s December 11 earnings report. [1]
Across 2025, the stock is now up around two‑thirds year to date, pushing Broadcom’s market value close to $2 trillion, and putting it in the same conversation as the mega‑cap AI winners driving this cycle. [2]
On November 29, 2025, the market is closed (it’s Saturday), but the news flow around Broadcom is very much open. Here’s what’s moving the story today and what it means for the stock.
Where Broadcom Stock Stands Right Now
Using the latest completed trading session (Friday, November 28):
- Close: about $402.96
- Intraday high:$403.00, effectively a fresh record high
- Week performance (Nov 24–28): from $377.96 to just under $403, a gain of ~6.6% in four sessions
- 52‑week range: roughly $138 to $403
- Trailing P/E: about 103
- Dividend yield: around 0.6% on a quarterly dividend of $0.59 per share. [3]
In other words: after a volatile year for semiconductors, Broadcom is ending November almost perfectly pinned to its 52‑week (and de facto all‑time) high.
What makes that interesting is that November was ugly for most large tech stocks.
November Standout in a Weak Tech Tape
A fresh MarketWatch screen of 84 major technology stocks shows that only 18 finished November in the green. Among the winners: Alphabet (up 13.8% for the month) and Broadcom, up 7.6% in November, even as the broader S&P 500 information‑technology sector fell 4.8% over the same period. [4]
Short version: while “tech” had a bad month, AI infrastructure — where Broadcom lives — did not.
TradingView’s data gives a more granular snapshot of the recent pop: since Google’s Gemini 3 AI model launched on November 18, Broadcom shares have climbed about 16%, helped by the company’s role in designing Google’s Tensor Processing Units (TPUs), custom AI accelerators that compete with Nvidia’s GPUs. [5]
That’s the first big theme in today’s coverage: Broadcom has quietly become one of the cleanest ways to bet on the plumbing of the AI boom.
AI Megadeals: Google, OpenAI and a “Multi‑Billion‑Dollar” Chip Partnership
Several stories feeding into today’s narrative all point in the same direction: Broadcom is increasingly central to the AI hardware stack.
- Google TPUs and Gemini 3
- TradingView and other outlets highlight that Broadcom helped design Google’s in‑house AI chips (TPUs), which power Gemini 3 and other large models. [6]
- The Gemini 3 launch on November 18 coincided with that 16% bounce in AVGO, and November’s 7.6% gain is being explicitly tied to Broadcom’s role in Google’s custom AI silicon.
- OpenAI Chip Deal
- Earlier in the month, multiple reports flagged a roughly $10 billion OpenAI chip deal that would see Broadcom supplying or co‑designing custom accelerators, with some analysts lifting their long‑term price targets toward $460 on the back of that relationship. [7]
- Social Chatter: “Multi‑Billion Dollar AI Chip Deal”
- Quiver Quantitative’s tracking of X (Twitter) chatter shows that discussion around AVGO has been dominated by a multi‑billion‑dollar AI chip partnership with a major tech player, which users see as a “game‑changer” for Broadcom’s AI growth trajectory. [8]
Put together, today’s narrative is that Broadcom isn’t just “benefiting from AI demand” in an abstract sense — it is embedded in the bespoke chips that companies like Google and OpenAI want so they don’t have to depend entirely on Nvidia.
Goldman Sachs Lifts Price Target to $435 on Explosive 2026 AI Growth
The single most cited catalyst in the latest Broadcom coverage is a Goldman Sachs report that dropped this week and is still echoing through the financial press today.
Goldman analyst James Schneider:
- Raised his Broadcom price target from $380 to $435, keeping a Buy rating.
- Flagged December 11, 2025 (Broadcom’s Q4 + FY 2025 report) as a key moment for validating the AI story. [9]
- Projects that AI revenue in FY 2026 will grow more than 100% year over year, lifting his estimate to $45.4 billion, and going even further to $77.3 billion in FY 2027. [10]
- Emphasizes demand from Google and OpenAI as major drivers, especially after Gemini 3, and frames Broadcom as a “foundational” AI hardware company, not just a passenger in the AI wave. [11]
Goldman also notes that the stock has already gained about 67% in 2025, which means expectations heading into earnings are very high — a recurring warning in today’s articles. [12]
2026 AI Spending Boom: Hyperscaler CapEx and AI SAM
Another widely shared piece this week from MarketBeat — still being referenced in coverage today — digs into why 2026 could be the biggest macro catalyst yet for Broadcom.
Key data points from that analysis, which leans on CreditSights research: [13]
- The top five hyperscalers (Microsoft, Alphabet, Amazon, Meta, Oracle) are expected to increase total CapEx by 36% in 2026, to about $602 billion.
- Around 75% of that CapEx (~$450 billion) is projected to be AI‑related in 2026, up from an estimated $274 billion in 2025, a 64% jump in AI‑specific spending.
- Broadcom’s own estimate for its AI serviceable addressable market (SAM) currently sits at $60–90 billion, and management has hinted they may update that figure once they have better visibility — possibly sometime after the December 11 earnings call.
Why does this matter for the stock today?
Because a lot of the bullish thesis — and Goldman’s new $435 target — rests on the idea that:
- AI infrastructure spending is about to go parabolic at hyperscalers.
- Broadcom’s custom accelerators and networking chips capture a material slice of that growth.
Some analysts even point out that when Broadcom last updated its AI SAM (in late 2024), the stock popped more than 20% the next day — which is why markets are now hypersensitive to any signal that another SAM upgrade might be coming. [14]
Earnings Countdown: December 11 Is the Next Big Test
Broadcom has already told investors it will report Q4 and full‑year 2025 results on December 11, 2025, with a conference call scheduled for 5:00 p.m. Eastern Time. [15]
Recent analysis pieces emphasize a few things investors will be laser‑focused on:
- AI revenue run‑rate:
Several notes (including Goldman and GuruFocus) expect AI‑related sales to exceed $11 billion annually, with management likely to update their AI revenue commentary and possibly issue early FY 2026 AI guidance. [16] - Margins vs. AI scale:
Custom AI accelerators (XPUs) are capital‑intensive. Goldman explicitly warns that as Broadcom’s XPU revenue ramps >160% year over year, investors will scrutinize whether gross margins can hold up or whether AI growth comes with a margin squeeze. [17] - How much is already “priced in”:
With the stock up 60–70% this year and trading around 28x forward sales and 55x forward cash flow by one estimate, several commentators note that even strong numbers could disappoint if guidance doesn’t clear the now‑lofty bar. [18]
Options Traders Are Bracing for a 10% Post‑Earnings Move
One of today’s more practical pieces for active traders comes from Investor’s Business Daily, which walks through a bull put spread on AVGO structured specifically around the December 11 earnings date. [19]
Highlights from that article:
- The options market is pricing in roughly a 10.1% move in the stock after the earnings release.
- The sample trade sells a Dec 11 $355 put and buys a Dec 11 $350 put for a net credit of about $0.85, risking $4.15 to make $0.85 per spread — a potential 20.5% return if Broadcom stays above $355 at expiry.
- IBD flags Broadcom’s Composite Rating of 99, EPS Rating of 99, and Relative Strength Rating of 95, ranking it at the top of its chip‑and‑software peer group.
They also spend a lot of ink on the risk warning: if AVGO closes below $350, the spread can lose 100% of the capital at risk. It’s high‑octane stuff, suitable only for traders who are:
- Bullish or at least neutral into earnings, and
- Comfortable with the chance of a double‑digit swing in either direction.
If you’re a long‑term investor, the useful takeaway isn’t “go trade this spread,” but rather: the options market thinks this earnings event is going to be loud.
Under the Hood: Revenue Growth, Valuation and Insider Activity
MarketBeat’s real‑time alert on Friday’s move (also feeding into today’s commentary) gives a quick look at the fundamentals behind the rally: [20]
- Latest reported quarter (Q3 FY 2025):
- Revenue: $15.95 billion vs. $15.82 billion expected, +22% year over year
- GAAP EPS: $1.69 vs. $1.66 expected
- Net margin: about 31.6%
- Balance‑sheet & valuation snapshot:
- Market cap around $1.9–2.0 trillion
- P/E ratio: ~102.8
- Current ratio: 1.50; quick ratio: 1.37
- Debt‑to‑equity: ~0.86
- Dividend & yield:
- Quarterly dividend $0.59, or $2.36 annualized, for a ~0.6% yield at current prices.
- Insiders:
- CEO Hock Tan and other insiders have been net sellers, with more than $225 million in stock sold over the past 90 days; insiders own about 2% of shares. [21]
Quiver’s data adds another dimension: in the last six months they count 96 insider trades, 93 of which were sales, and substantial institutional churn — 2,094 funds adding AVGO and 1,937 reducing positions. [22]
That mix — strong fundamentals, very rich valuation, and persistent insider selling — is one of the few bearish talking points you see in today’s coverage.
Analyst Consensus: Strong Buy, but Upside Is Narrowing
Across Wall Street, the tone remains overwhelmingly positive, but with a more nuanced “how much upside is left?” debate.
From various datasets synthesized in recent pieces: [23]
- Consensus rating: “Strong Buy” or “Buy” from most firms.
- Recent high‑profile price targets:
- Goldman Sachs: $435 (Buy) – focus on FY 2026 AI revenue more than doubling.
- Mizuho: $435 (Outperform).
- Barclays: $450 (Overweight).
- Citigroup & UBS: around $415 (Buy/Overweight).
- Median target across ~20–28 analysts: roughly $380–400, depending on the dataset. Quiver puts the median at $400, while some aggregates show an average closer to $399.5.
Since AVGO is already trading around $403, many models now show only single‑digit percentage upside over the next 12 months — unless Broadcom’s AI revenue and margin guidance step up again.
One Motley Fool article being shared today goes even bigger picture: it notes that some analysts expect Broadcom and Meta to eventually join Nvidia, Apple, Alphabet, Microsoft and Amazon in the $2 trillion‑plus club, effectively treating Broadcom as a long‑term AI infrastructure platform, not just a cyclical chip name. [24]
VMware Integration and Licensing: The Quiet Risk in the Background
Much of today’s stock chatter is AI‑centric, but there’s a parallel storyline investors are still watching: Broadcom’s integration of VMware.
Recent 2025 recaps of the VMware deal highlight: [25]
- Ongoing changes to partner program eligibility, licensing bundles and pricing models.
- Reports of some European VMware customers seeing price increases of up to 1,500% under Broadcom’s new structure, which has driven interest in alternative virtualization and cloud platforms.
- A 2026 preview in which Broadcom continues to push VMware as the backbone of private and hybrid cloud infrastructures, potentially creating a high‑margin software annuity — if customers stick around.
For AVGO stock, VMware is both:
- A strategic advantage (recurring software revenue, tighter grip on enterprise infrastructure), and
- A reputational and competitive risk (if aggressive pricing pushes big customers to flee).
Most of today’s coverage treats it as a medium‑term wild card rather than an immediate trading catalyst, but it’s a key part of the long‑term thesis.
So What Does All This Mean for Broadcom Stock?
Putting the day’s news together, the Broadcom story on November 29, 2025 boils down to a few core points:
- Near-record price, rare November winner
AVGO is finishing the month at roughly $403, practically at all‑time highs, with a 7.6% gain in November despite a pullback in the broader tech sector. [26] - AI is the whole game now
The bull case is dominated by custom AI chips for Google and OpenAI, and by forecasts that AI infrastructure CapEx will explode in 2026, dramatically expanding Broadcom’s addressable market. [27] - Expectations are sky‑high heading into December 11
Goldman’s $435 target, projections of >100% AI revenue growth in 2026, and options pricing for a 10% post‑earnings move underscore how pivotal the upcoming report is. [28] - Valuation and insider selling are the main red flags
Trading at triple‑digit earnings multiples, with heavy insider selling and only modest upside versus many analyst targets, Broadcom doesn’t have a lot of room for disappointment if AI trends or margins wobble. [29] - VMware is the long‑term question mark
Licensing changes and partner frustration around VMware could either become a serious headwind or fade into the background if Broadcom successfully repositions the platform as a premium hybrid‑cloud standard. [30]
A Quick Reality Check
None of this is a prediction that Broadcom will keep climbing or that it must crash. It’s a snapshot of how the market is thinking about the stock today:
- Bulls see a once‑in‑a‑generation AI infrastructure build‑out, with Broadcom locking in multi‑year chip deals and software cash flows.
- Bears worry that everyone already sees that, and that at ~100x earnings with insiders cashing out, the margin for error is razor‑thin.
References
1. stockanalysis.com, 2. www.investing.com, 3. stockanalysis.com, 4. www.marketwatch.com, 5. www.tradingview.com, 6. www.tradingview.com, 7. coincentral.com, 8. www.quiverquant.com, 9. www.tipranks.com, 10. www.tipranks.com, 11. www.tipranks.com, 12. www.tipranks.com, 13. www.marketbeat.com, 14. www.marketbeat.com, 15. investors.broadcom.com, 16. www.investing.com, 17. www.tipranks.com, 18. www.investing.com, 19. www.investors.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.quiverquant.com, 23. www.quiverquant.com, 24. www.fool.com, 25. www.channelinsider.com, 26. stockanalysis.com, 27. www.tipranks.com, 28. www.tipranks.com, 29. www.marketbeat.com, 30. www.channelinsider.com
