Principal Financial Group Inc. lowered its Broadcom Inc. position by 2.6% in the third quarter. The firm sold 225,492 shares, according to a recent filing.
PFG retains a substantial stake of over 8.6 million shares. This holding is valued at approximately $2.84 billion. Broadcom remains PFG's 7th largest holding.
The sale occurs amid positive sentiment for the semiconductor sector. Increased 2026 capital expenditure plans from hyperscalers Google and Meta are expected to boost demand for Broadcom's AI chips.
This optimism contributed to a surge in large-cap tech stocks. The surge lifted AVGO shares.