Broadcom Inc is trading 15.2% down at $406.29 after its fiscal Q2 revenue slightly missed analyst expectations and management maintained its annual AI revenue target.
- The company reported fiscal Q2 revenue of $22.187 billion, triggering profit-taking despite strong underlying growth in its artificial intelligence segment.
- Investors reacted negatively to management reiterating, rather than raising, its $56 billion annual AI revenue target, which has sparked a broader sell-off in semiconductor stocks.
- The decline comes amid a wider market sector rotation, with the Dow rallying while AI-related equities face downward pressure.