Broadcom (AVGO) has more than doubled from its April trough to its current valuation today due to the semiconductor rally getting hot once more. However, AVGO stock has failed to hold at the $300 level after breaking through it.
AI-related orders and the company’s software suite have continued driving gains, with the company overall having stellar margins. The next earnings report is in September, so investors may now be hitting the brakes before they get more clarity on where Broadcom is heading.
This post originally appeared at Money Morning.