U.S. chipmaker Broadcom (NAS100:AVGO) releases earnings this week, with analysts expecting to see further growth from its partnerships.
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AVGO shares have reached an all-time high at $400, and the $373 level provides support if earnings disappoint.
Broadcom, whose share price has risen 65% year-to-date, has been boosted by its close relationship with Google-parent Alphabet.
Broadcom was boosted in 2025 by a 10-gigawatt artificial intelligence chip deal with ChatGPT maker OpenAI. However, the Alphabet deal is said to be a bigger win for the company.
OpenAI competitor Anthropic announced an expansion of its relationship with Google, which Anthropic says will deploy “up to one million” of Google’s Tensor Processing Units and its cloud services. Overall, the expanded partnership will be “worth tens of billions of dollars” to Broadcom. Amazon and Marvell had also been working with Anthropic, but the signs are that they have seen Broadcom’s chips as superior in recent months.
Analysts at investment bank Goldman Sachs boosted its price target on Broadcom to $435 from $380, ahead of the fourth-quarter earnings release on December 11. The company’s analyst, James Schneider, said accelerating AI demand, especially from major clients such as Google and OpenAI, and improving margins at Broadcom were the reasons for the upgrade.
Broadcom is expected to have ramped up shipments of its custom XPU chips in the latest quarter. Goldman now expects fiscal-year 2026 AI revenue guidance to beat a 100% year-over-year increase.
“We believe expectations are elevated heading into the quarter, and investors are positioned positively given strong peer results and positive datapoints related to key XPU customers, most notably Google following its latest Gemini 3 launch”, Schneider said.
Analysts expect to see revenue of $17.46 billion and earnings per share (EPS) of $1.87, according to the latest data.
