Broadcom Inc. (NASDAQ: AVGO) is back in the spotlight today, November 26, 2025, as Wall Street leans even harder into the AI-infrastructure trade. The stock is trading near record highs after a double‑digit surge earlier in the week, while Goldman Sachs has lifted its price target, Bank of America again singled out Broadcom as a top AI chip play, and a fresh wave of institutional and political filings shows active accumulation of AVGO shares. [1]
With fourth‑quarter and full‑year 2025 earnings due on December 11, investors are treating today’s moves as an early read on how the market is positioning into one of the most closely watched AI earnings events of the year. [2]
Broadcom (AVGO) Stock Today: Price, Volume and Market Context
As of mid‑session on Wednesday, Broadcom shares trade around $385.50, essentially flat on the day and hovering just below a new 52‑week high, after touching an intraday range of roughly $377.05 to $390.50. Intraday volume is already above 2.2 million shares, pointing to active trading ahead of the earnings catalyst.
Earlier pre‑market data from MarketWatch showed AVGO changing hands near $388.21, up modestly from Tuesday’s close of $385.03, confirming that most of the latest move is consolidation after Monday’s explosive rally. [3]
Several outlets note that Broadcom has been one of the standout performers in the S&P 500 this year, with the stock up roughly 65–70% year‑to‑date, putting it among 2025’s top large‑cap winners. [4] A Meyka research note published early this morning highlighted a “notable surge” in trading volume, with the stock recently quoted around $385.15, up 1.9% at the time of that report, and a fresh year‑to‑date gain above 50%. [5]
Valuation has expanded alongside that rally. MarketBeat data places Broadcom’s market capitalization around $1.8 trillion, with a trailing P/E ratio near 98 and a price‑to‑earnings‑growth (PEG) ratio of about 1.3, underscoring that investors are paying a premium for Broadcom’s AI and networking growth story. [6]
Goldman Sachs Lifts Broadcom Price Target to $435 on AI Growth
The headline driver for AVGO today is a new Goldman Sachs price‑target hike. The bank raised its target from $380 to $435 while maintaining a Buy rating. [7]
Key points from the Goldman note:
- The new target implies around 13% upside versus Tuesday’s $385.03 close. [8]
- Goldman expects AI revenue growth above 100% year‑over‑year in fiscal 2026, raising its AI revenue forecast to $45.4 billion for FY26 and $77.3 billion for FY27. [9]
- Analysts see the December 11 earnings report and guidance as pivotal, with investors watching for evidence that AI demand from Google and OpenAI remains robust and that first‑quarter guidance can beat Street expectations. [10]
- Goldman flags Broadcom’s custom XPU (accelerator) business as a key growth engine, though it notes that rapid scaling could put some pressure on margins in FY26 before longer‑term profitability re‑expands. [11]
This comes on top of an already bullish analyst backdrop. MarketBeat data shows three “Strong Buy” ratings, about thirty “Buy” ratings and only a couple of “Hold” calls, with a pre‑update consensus price target around $378–400. [12] In other words, Goldman’s new $435 target pushes the top end of the Street higher and reinforces the idea that analysts see further upside even after the recent run.
AI Spotlight: Google, OpenAI and the TPU Partnership
Broadcom’s recent rally cannot be separated from the Alphabet/Google AI chip story.
On Monday, the stock jumped roughly 10–11%, closing near $375.46 after reports highlighted Broadcom’s central role in a major AI infrastructure rollout alongside Alphabet. [13] Broadcom manufactures Google’s custom Tensor Processing Units (TPUs), a key alternative to Nvidia’s GPUs for AI workloads in Google Cloud data centers.
Recent coverage from outlets including Investopedia, Nasdaq and Plus500 has stressed that:
- Broadcom is a principal semiconductor partner behind Google’s latest TPU generations, which underpin the company’s Gemini 3 AI model and broader AI services push. [14]
- Analysts see the TPU business as a multi‑year opportunity, with Morgan Stanley suggesting Alphabet could ship 500,000 to 1,000,000 TPUs externally by 2027, potentially boosting Google Cloud revenue and reinforcing demand for Broadcom’s custom chips. [15]
- Tuesday’s headlines also highlighted reports that Meta Platforms is evaluating Google’s TPUs as a complement to Nvidia GPUs, a move that could further expand the addressable market for Broadcom’s ASICs. [16]
At the same time, Reuters recently noted that OpenAI has engaged Broadcom in work on custom AI hardware as part of a broader push to build out tens of gigawatts of compute capacity, even as Foxconn joins that ecosystem on the manufacturing side. [17] While details remain early‑stage, the cross‑currents of Google, OpenAI and major cloud buyers are helping cement Broadcom as one of a very small number of suppliers capable of delivering custom silicon at hyperscale.
Wall Street Still Sees AVGO as a Core AI Infrastructure Play
Today’s Goldman call is not happening in isolation:
- A TradingView‑hosted note from GuruFocus highlighted that Bank of America has reiterated Buy ratings on Nvidia, AMD and Broadcom, calling them top AI plays amid resilient demand for AI chips, cloud infrastructure and cybersecurity tools. [18]
- A Motley Fool article, syndicated via Nasdaq this morning, named Broadcom one of two AI stocks that could still potentially double, citing explosive demand for AI infrastructure, a long history of rapid free‑cash‑flow growth and analysts’ forecasts that free cash flow could rise at an annualized 37% over the coming years. [19]
- That report also noted that AI‑related product revenue at Broadcom rose 63% year‑over‑year last quarter, with most of that coming from custom AI accelerators, and additional momentum from the company’s Tomahawk 6 and Jericho 4 networking switches used to connect massive clusters of chips in data centers. [20]
Taken together, today’s research flow reinforces a narrative: Broadcom is not just riding an AI bubble—its silicon and networking products sit in the plumbing of the modern AI stack.
Fund Flows: Hedge Funds Add, Others Take Profits, and a U.S. Congressman Buys
Regulatory filings and fund‑flow stories dated November 26 add another angle to AVGO’s story.
New and increased positions
- Northwest & Ethical Investments L.P. lifted its Broadcom stake by about 1.4% in the second quarter, to 227,386 shares worth roughly $62.6 million, making AVGO the fund’s fifth‑largest position. [21]
- MIG Capital LLC boosted its holdings in Broadcom by approximately 212.5% over the same period, according to a separate MarketBeat alert, underscoring strong conviction from that hedge fund. [22]
Trimmed stakes
- Thornburg Investment Management reduced its AVGO stake by around 11.9% in the second quarter, while Wambolt & Associates LLC cut its position by about 6.7%, both in moves interpreted as partial profit‑taking after the stock’s big run. [23]
Across these reports, MarketBeat estimates that roughly 76% of Broadcom’s shares are held by institutional investors, reflecting the stock’s status as a core holding in many large‑cap and technology‑focused portfolios. [24]
Adding to the intrigue for retail traders tracking “Congressional trades,” another MarketBeat note flagged that U.S. Representative Jared Moskowitz (D‑Florida) recently disclosed a purchase of Broadcom shares, adding a small but attention‑grabbing political element to the ownership picture. [25]
Fundamentals: Q3 Results, Cash Flow and New Product Launches
Under the surface of all the AI headlines, Broadcom’s core fundamentals remain a major part of the bull case.
Strong Q3 FY2025 results
In its third fiscal quarter of 2025, reported on September 4, Broadcom delivered: [26]
- Revenue of $15.95 billion, up 22% year‑over‑year
- GAAP net income of $4.14 billion and non‑GAAP net income of $8.40 billion
- Adjusted EBITDA of $10.7 billion, about 67% of revenue
- Non‑GAAP EPS of $1.69, up from $1.24 a year earlier
Investor materials and subsequent coverage attribute much of that growth to robust AI semiconductor demand, alongside stable contributions from networking, storage and infrastructure software. [27]
Trailing twelve‑month free cash flow has roughly doubled over the last five years and is now around $25 billion, according to Motley Fool’s analysis, giving Broadcom tremendous flexibility to invest in R&D, acquisitions and shareholder returns. [28]
Product & partnership momentum
November has also brought several strategic product and partnership announcements:
- On November 18, Broadcom announced an expanded partnership with NEC to drive modern private‑cloud deployments using VMware Cloud Foundation, with NEC both adopting the stack internally and offering VCF‑based solutions to customers. [29]
- On November 19, the company introduced what it calls the world’s first quantum‑safe Gen 8 128G SAN switch portfolio, designed to secure storage networks for the “quantum era” and using embedded SAN AI to automate infrastructure management. [30]
These moves extend Broadcom’s reach beyond AI accelerators into secure, AI‑ready networking and storage, an area likely to see increased spending as enterprises harden their infrastructure for next‑generation workloads.
Next Big Date: December 11 Earnings
Broadcom has already confirmed that it will report fourth‑quarter and full‑year fiscal 2025 results on Thursday, December 11, 2025, with management hosting a conference call at 2:00 p.m. Pacific Time. [31]
Analysts and investors say they’ll be watching for:
- Updated AI revenue guidance, particularly whether management echoes Goldman’s expectation for >100% AI growth in FY26 [32]
- Trends in Google and other hyperscaler demand for custom accelerators and networking silicon [33]
- Progress integrating VMware and scaling higher‑margin software and subscription revenue
- The impact of AI‑heavy product mix on gross margins and EBITDA margin, especially as Broadcom balances rapid capacity additions with profitability
Stock forecast and data services such as StockInvest and Nasdaq also list December 11 as the next earnings date, consistent with the company’s press release. [34]
What Today’s News Signals for Broadcom Stock
For investors trying to interpret today’s developments, a few themes stand out:
- AI story gets even bigger
The combination of Goldman’s more aggressive AI revenue outlook, new data points around Google’s and Meta’s potential TPU deployment, and continued optimism from other analysts reinforces Broadcom’s status as a core AI‑infrastructure supplier rather than a peripheral beneficiary. [35] - Valuation is rich but supported (for now) by growth
A near‑trillion‑plus market cap, P/E around 100 and PEG near 1.3 leave little room for major execution missteps. But with AI revenues growing at double‑digit or better rates and free cash flow expected to rise at a high‑30s percentage clip, many on Wall Street still argue that Broadcom’s growth profile justifies a premium multiple. [36] - Ownership is deep, diversified and active
With more than three‑quarters of the float held by institutions and hedge funds both adding and trimming positions, AVGO continues to behave like a core institutional tech holding—liquid, actively traded and tightly linked to macro sentiment on AI and big tech. [37] - Near‑term risk centers on expectations, not relevance
The main debate into December 11 is not whether AI or cloud demand is real—it clearly is—but whether Broadcom can beat already‑lofty expectations on growth, margins and AI guidance. Any hint of slowing hyperscaler capex, margin compression from rapid XPU scaling or delays in AI projects could trigger volatility in a richly valued stock. [38]
For now, though, the message from today’s tape and research flow is straightforward: Broadcom remains one of Wall Street’s highest‑conviction ways to play the build‑out of AI infrastructure, and November 26, 2025 is another day when the Street is leaning in rather than backing away.
References
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