By Vuk Zdinjak
Publication Date: 2026-06-07 03:33:00
Broadcom (AVGO) stock closed the June 4 trading session down 12.59% at $418.91. The stock took a tumble following the release of the second-quarter (Q2) fiscal year 2026 (FY26) earnings report on June 3, and lost about $280 billion in market value, according to Yahoo Finance.
The stock is up 21.04% year to date, as of Friday morning, June 5. Meanwhile, the SPDR S&P 500 index (SPY) is up about 11.02% in the same period.
The fabless semiconductor giant and enterprise software infrastructure vendor has outpaced the S&P 500, thanks to its participation in the broader semiconductor rally driven by the AI boom.
Positive news driving Broadcom’s stock includes:
Analysts have been resetting their price targets just before earnings, as the expectations were high. Now that the earnings have dropped, Bank of America has raised its price target.