TradingKey – On August 12 ET, Broadcom (AVGO) closed at $416.05, remaining about 16% below its 52-week high of $495.
Since hitting a recent low of $374.61 on July 30, Broadcom has rebounded about 11% over the past 10 trading days, touching $432.73 intraday, significantly outperforming the sector as the Philadelphia Semiconductor Index gained about 3% over the same period.
As the fiscal third-quarter earnings release on September 2 approaches, the core question for the market is whether strong demand for custom AI chips (ASICs) can drive the stock price past the $500 mark.
Why Broadcom Stock Is Rising
This rally was mainly driven by Broadcom’s better-than-expected deliveries in the custom AI chip (ASIC) field. In the second quarter of fiscal…
