Jefferies said Broadcom remains well-positioned to benefit from the next wave of artificial intelligence spending. The bank maintained its buy rating on the semiconductor stock and reiterated Broadcom as a top pick. Analyst Blayne Curtis’ $500 price target implies that shares could rally 62% from Wednesday’s close of $308.05. Broadcom stock has surged 36% over the past 12 months, but are down 9% on the year. AVGO 1Y mountain AVGO 1Y chart One current overhang on the stock, Curtis wrote, has been the sustainability of artificial intelligence spending. However, the analyst cited Alphabet ‘s material step-up in capital expenditures guidance as proof of continued investments that could ultimately benefit Broadcom. Alphabet said in its Wednesday earnings report that it expects 2026 capital expenditures to come in the range of $175 billion to $185 billion. The top end of that forecast is more than double the company’s spend in 2025. “Clearly the Google capex guide offers a significant…