Broadcom (AVGO) shares climbed 3.31% to $343.94 following a significant analyst upgrade and reports of massive artificial intelligence infrastructure spending by major tech firms.
- Wolfe Research upgraded the stock from 'Neutral' to 'Buy', setting a new price target of $400 due to the company's leadership in the AI sector.
- Sentiment is bolstered by Google and Amazon reportedly increasing their 2026 AI investments into the hundreds of billions.
- Analysts highlighted growing demand for specialized hardware, specifically Broadcom's role in developing Google’s TPUs.