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Sherwood Staff

Broadcom slumps for fifth straight day

Excitement over the chipmaker — which, like Nvidia, provides chips used for AI applications — has seemed to stall since Broadcom reported earnings in September that had the company posting a surprise $1.88 billion loss.

At the time, The Wall Street Journal spotlighted a potential weakness: its fast-growing AI business is incredibly concentrated among tech giants like Meta, Google parent Alphabet, and TikTok parent ByteDance, whose demand for chips can be “lumpy,” according to Broadcom boss Hock Tan. That lumpiness may have contributed to the somewhat weak sales forecast the company offered.

Broadcom is down more than 7% this week, compared to a decline of 0.8% for the S&P 500 and SOX that is essentially flat. That said, Broadcom is up 53% this year.

Heard on the Street: Broadcom Takes Its AI Lumps

Heard on the Street: Broadcom Takes Its AI Lumps

At the time, The Wall Street Journal spotlighted a potential weakness: its fast-growing AI business is incredibly concentrated among tech giants like Meta, Google parent Alphabet, and TikTok parent ByteDance, whose demand for chips can be “lumpy,” according to Broadcom boss Hock Tan. That lumpiness may have contributed to the somewhat weak sales forecast the company offered.

Broadcom is down more than 7% this week, compared to a decline of 0.8% for the S&P 500 and SOX that is essentially flat. That said, Broadcom is up 53% this year.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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