Broadcom Stock Drops 7.49% After AI Guidance Reiteration

Broadcom's stock falls 7.49% to $387.52 after failing to raise AI revenue guidance. Revenue reached $22.19 billion in Q2, AI bookings exceeded $30 billion, and gross margin stood at 65.66%. Investors expect rapid conversion of AI chip bookings to revenue to meet a $100 billion AI revenue target by fiscal 2027. The stock's volume surged to 50.3 million shares, 95% above average.