China Went From 32% to 17% of Broadcom’s Sales Since 2023. Here’s What Beijing’s Switch Review Actually Puts at Risk

Key Stats for Broadcom Stock

• Current Price: $352.81
• Target Price (Mid): ~$1,160
• Street Target: ~$530
• Potential Total Return: ~229%
• Annualized IRR: ~34% / year

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What Happened?

On Sept. 23, Reuters relayed a Financial Times report that Beijing’s state-asset regulator has been surveying Broadcom (AVGO) switches inside state-controlled data centers, which Reuters could not verify. Accounts of that day’s trading conflict, but shares closed at $352.81 on Sept. 25, 26.74% below their peak on TIKR’s 1-year drawdown chart.

TIKR’s segment data shows China, including Hong Kong, fell from 32% of revenue in fiscal 2023 to 17% in fiscal 2025. Broadcom’s investor relations materials do not break out state-run data center sales, so the test is what the review can and cannot reach.

What Beijing’s Review Can Reach, and What It Can’t