By Tobi Opeyemi Amure
Publication Date: 2026-08-19 11:42:00
Broadcom did not fall 6% on 14 August because AMD took its Google business. That is the story the market settled on, and the timeline does not support it. The SemiAnalysis research note everyone cited as the cause was not reported until 17 August — three sessions after the drop — and on the day it actually landed, Broadcom closed down 0.14%. What moved AVGO on 14 August was a Bank of America credit note: analyst Tom Curcuruto cut Broadcom’s issuer and bond rating from Overweight to Marketweight and put a $370bn number on the off-balance-sheet vehicle financing its AI chips. The stock closed at $380.00 on 18 August 2026, down 3.17% on the session, with pre-market at $379.46 on 19 August (07:40 EDT, stockanalysis.com). Against that spot, this piece sets a $560 bull case and a $265 bear case.
The substitution matters more than the six percent. Markets swapped a balance-sheet story for a competition…
