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▲ Broadcom (Broadcom, AVGO)/AI Generated Image
Broadcom (Broadcom, AVGO) stock jumped more than 4%. Palantir's surprise earnings led a rebound across artificial intelligence and semiconductor stocks.
According to U.S. economic media Benzinga on August 4 (local time), buying interest flowed into Broadcom after Palantir Technologies (Palantir Technologies, PLTR) announced its earnings. The Nasdaq index rose 2.41% and the S&P 500 index rose 1.21%, contributing to the rebound in technology stocks.
Palantir's second-quarter revenue was $1.94 billion, exceeding market expectations of $1.8 billion. Adjusted earnings per share also surpassed estimates, reaching $0.41 against an expected $0.35. The third-quarter revenue forecast was provided at $2.16 billion to $2.164 billion, significantly higher than market expectations of $1.997 billion.
Palantir also raised its full-year revenue outlook for 2026 from the previous $7.65 billion-$7.66 billion to $8.15 billion-$8.16 billion. This level surpasses Wall Street's expectation of $7.69 billion. As demand for AI software was confirmed, a relief rally spread to AI semiconductor stocks, including Broadcom.
Technical trends also improved. Broadcom traded approximately 6% above its 20-day simple moving average of $387.66 and approximately 12% above its 200-day simple moving average of $366.48. It also surpassed its 50-day simple moving average of $394.73 and 100-day simple moving average of $385.10, maintaining a long-term upward trend.
Broadcom's next earnings announcement is scheduled for September 2. The market expects earnings per share of $3.16 and revenue of $29.44 billion. The figures for the same period last year were $1.69 and $15.95 billion, respectively. The average Wall Street price target is $513.68, with UBS setting it at $485 and BofA Securities at $530.
[Article Key Summary]
-Broadcom's stock price rose more than 4% driven by Palantir's earnings and guidance exceeding market expectations.
-Palantir raised its 2026 revenue forecast to a maximum of $8.16 billion.
-Broadcom surpassed key moving averages, and its earnings announcement on September 2 is the next key variable.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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