Broadcom Inc. (NASDAQ:AVGO) is one of the Trending AI Stocks on Wall Street. On December 12, Cantor Fitzgerald maintained its “Overweight” rating on the stock with a $525 price target. The firm has reiterated its “Top Pick” status on Broadcom based on AI infrastructure momentum and expanding silicon footprint.

The fabless chip and software maker reported a top-and-bottom-line earnings beat. Besides strong results for the October quarter, the company also provided a modest raise for January quarter guidance.

However, this was partially affected by a higher tax rate forecast for fiscal year 2026. There was also a $73 billion of AI backlog, including $53 billion in custom silicon, which is anticipated to convert to revenue over the next six quarters.

Broadcom also announced a fifth customer, bringing its total AI customer count to six, including Google, Anthropic, META, Bytedance, and OpenAI. The firm estimates AI semiconductor revenue to grow by more than 100% in calendar year 2026, leading to an earnings per share of at least $10.70.

“Broadcom offered a solid report overnight with a strong beat for the October Q and more modest raise for the January Q… mgmt disclosed $73B of AI backlog (including $53B custom silicon) to be revenue over the next 6 quarters. Broadcom also announced a 5th customer with delivery of $1B custom silicon in 4QFY26… AI Semiconductor revenue will grow by more than 100% in CY26… supporting EPS of at least $10.70 (cons $10.31)… stretch goal of $15 absolutely intact… We reiterate our Overweight rating and our $525 price target. Broadcom remains a Top Pick.”

Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.

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