Broadcom Shares Rise Following Analyst Upgrade and Anthropic IPO Anticipation
Broadcom (AVGO) shares rose as much as 5% on Tuesday following a stock upgrade from DA Davidson. Analyst Gil Luria raised the price target for Broadcom to $400 from $350, citing strong visibility into the company's AI chip business driven by the upcoming Anthropic IPO. Broadcom maintains a strategic relationship with Anthropic as both a supplier and lessor, holding a non-cancelable five-year lease. Additionally, reports indicate Broadcom CEO Hock Tan assisted in securing $63 billion in financing for Anthropic to fund specialized tensor processing units (TPUs) developed in partnership with Alphabet's Google.