Broadcom Inc. (AVGO) shares are experiencing a decline today, primarily due to a broader market downturn affecting major chipmakers. As of Tuesday morning, the Dow Jones Industrial Average and other major indices have been sliding, with the Dow facing its longest losing streak since the 1970s. This negative sentiment has extended to the tech sector, with Broadcom's stock giving back some of the substantial gains it made following its strong fourth-quarter earnings report last week. The stock had surged 25% after the results, driven by the VMware acquisition and significant AI revenue growth, but concerns over high valuation and debt levels have made it vulnerable to market corrections.
The current price of Broadcom (AVGO) is $239.90, down 4.04% from its previous close of $250.00. The stock opened at $240.65 and has seen a slight decline of 0.31% from the open.