Broadcom (AVGO) shares fell 1.02% to $340.44 following Cisco Systems' unveiling of a new AI networking chip designed to challenge the company's market leadership. This competitive entry tempered recent gains fueled by record 2026 capital spending forecasts from Alphabet and Amazon.
- Wedbush analyst Dan Ives projects that total Big Tech capital expenditures will reach $600 billion in 2026.
- Futurum Equities highlighted Broadcom’s dominant $73 billion backlog as a significant competitive buffer against new industry rivals.