彭博盘前前瞻：博通（AVGO.US）定于2026年9月2日盘后发布第三财季财报，市场期待复刻英伟达式的财报后大涨

Broadcom Inc. has had a difficult summer in the stock market, as a disappointing outlooksent the shares on a roughly $520 billion tailspin since hitting a high in early June.

But in the wake of last week’s blowout earnings from Nvidia Corp., in which the world’s biggest chipmaker projected sales growth of 70% in its next fiscal year and pushed the stock to its best day since April 2025, Broadcom investors are hoping for a reprise when the third-most valuable chipmaker reports its results after the bell on Wednesday.

“People were certainly nervous about Nvidia, remember, because it had a number of bad reactions to positive reports. And then last time around it had a really positive response,” said JoAnne Feeney, a portfolio manager at Advisors Capital Management, which owns Broadcom shares. The stock could see a similar reaction if management also offers a solid forecast, she added.

Broadcom’s stock is down 23% since its record close on June 2, putting it among the 30 worst performers in the S&P 500 Index over that stretch and erasing much of its more than 30% rise through the first five months of the year. The trigger was the company’s fiscal second-quarter earnings on June 4, in which it said third-quarter AI semiconductor revenue would be $16 billion, well below analysts’ expectations for more than $17 billion. The shares plunged 13% the following day, the worst post-earnings performance since at least 2009, according to data compiled by Bloomberg.

The announcement was a sharp contrast to Broadcom’s fiscal first-quarter report, when CEO Hock Tan forecast more than $100 billion in AI chip sales in 2027.

“They talked about a hundred billion dollars or more of AI semiconductor revenue,” Feeney said. “That ‘or more,’ it can be substantial. If they provide a bit more specifics around that ‘or more’ figure then I think the stock can move higher.”

Wall Street analysts expect Broadcom to report a 210% jump in fiscal third-quarter earnings per share to $2.63, and an 85% rise in revenue to $29.4 billion. The results come at the end of a mixed earnings season for key players in the AI trade. Hyperscalers still plan to spend hundreds of billions of dollars on infrastructure, but supply is limited and investors are increasingly concerned about returns on investment.

“There’s a lot of fear out here,” said Jamie Meyers, senior equities analyst at Laffer Tengler Investments, which holds Broadcom shares. “It’s not just specific to Broadcom, it’s specific to the entire trade.”

Of course, if the company posts solid results, the stock’s lagging performance could be a benefit. Broadcom shares trade at about 21 times earnings projected over the next 12 months, a slight premium to its 10-year average of 18 but down significantly from 42 times in December and 32 in June.

“This creates a better tactical setup,” Benchmark Equity Research analyst Cody Acree wrote in an Aug. 28 note.

Beyond Broadcom’s financials, investors will also be listening for updates about customers, especially following Apple Inc.’s July announcement that Broadcom will provide new custom chips to the iPhone maker in an expanded partnership worth more than $30 billion. That agreement is in addition to long-term deals with companies like Alphabet Inc.’s Google, Anthropic PBC, OpenAI and Meta Platforms Inc.

Read More: Broadcom Seeks More Than $60 Billion in Latest AI Debt Deal

“They’ve certainly announced a lot of partnerships, so I’m sure there’ll be a lot of questions about that,” Meyers said. “Broadcom does have a new CFO that they announced, so, you know, we’re interested to hear from her on the call.”

Shareholders will also be looking for assurances that chip demand isn’t being created with circular financing deals, and that Broadcom isn’t losing share in the custom market to competitors like Alphabet and Marvell Technology Inc. Gross margins, which are under pressure across the chip industry because of high memory costs, will be another focus. And the health of Broadcom’s infrastructure software division is key as well.

Of course, even if everything coalesces into a solid report, Broadcom shares could still be stuck for now as investors grow wary of multiple parts of the AI trade.

“I would say that because momentum has just gotten the snot beat out of it, I think they’re all gun shy at this point,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.

Still, bulls focused on the long-term potential see upside for the shares if Broadcom can deliver on its promises.

“The message was pretty clear from Hock Tan,” Laffer Tengler’s Meyers said. “He said that they have a sustainable and steepening trajectory of growth. That sounds pretty great to me.”

Tech Chart of the Day

Top Tech Stories

Nvidia Corp. is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter. Global data center spending is set to reach $31.6 trillion through 2050 to meet the world’s growing appetite for AI, an investment boom with no precedent in history, according to PricewaterhouseCoopers LLP. Apple Inc. said that new Chief Executive Officer John Ternus will get a compensation package worth about $58 million in fiscal 2027, while Tim Cook’s role as executive chairman will pay around $47 million. Dell Technologies Inc. shares jumped after the company boosted its annual sales forecast by $25 billion in a further sign of surging demand for servers to run artificial intelligence tasks. The cybersecurity firm Palo Alto Networks Inc. issued a profit outlook for the year that exceeded Wall Street’s expectations, fueled by corporate demand for stronger defenses against advancing artificial intelligence systems.

Earnings Due

Earnings Premarket:Daktronics Inc. (DAKT US) Earnings Postmarket:Broadcom Inc. (AVGO US) Hewlett Packard Enterprise Co. (HPE US) Methode Electronics Inc. (MEI US) NetApp Inc. (NTAP US)

“Equity Insights” are short stories on equity market color, combining key insights from traders, strategists, reporters and more. They can be found by running NI EQINSIGHT, and can be subscribed to here.“Before the Bell” is a daily story with all you need to know before the open on Wall Street. On the Terminal, click here to see it and subscribe.The “S&P Week in Review” is a wrap of equity events, published every Friday. On the Terminal, click here to see it and subscribe. The “S&P Month in Review” comes on the last day of the month. Click here to see and subscribe.