Broadcom Stock Rises 5.3% as AI Shares Recover After CoreWeave Results
Key Facts
Broadcom shares rose 5.3% on Wednesday, November 11, in a session that saw AI infrastructure stocks recover after CoreWeave’s results and higher revenue outlook, according to The Associated Press. CoreWeave shares climbed 21.9% after the company reported a smaller loss than analysts expected in its latest quarter. The company rents access to AI chips to customers through cloud computing, making its results an indicator of demand for this infrastructure. Gains in both stocks came amid a broader rise in AI shares during the session. The news agency said the move was tied to CoreWeave’s strong results and higher outlook, while the Nasdaq Composite also posted gains.
CoreWeave’s results for the third quarter of 2026, which ended on September 30, showed revenue of $3.661 billion, compared with $1.365 billion in the same quarter of 2025, according to an investor relations statement. Revenue rose by more than $1 billion quarter over quarter, the company said. CoreWeave said its adjusted operating income margin reached double digits in the quarter, a quarter earlier than planned. But revenue growth did not prevent net loss from widening to $709 million, compared with $110 million a year earlier. The figures reflect a rapid expansion path accompanied by a larger net loss, even as the operating metrics highlighted by the company improved.
CoreWeave’s revenue backlog stood at about $132.5 billion on September 30, 2026, according to the company, putting the quarterly results in the context of substantial future revenue commitments. The company raised its fiscal 2026 revenue forecast range to $13.0 billion to $13.3 billion. The CEO said CoreWeave expects to receive about $9 billion in customer prepayments and deposits during the three months following the November 10 results announcement. Those payments provide upfront funding to fulfill orders, while the company said quarterly revenue increased by more than $1 billion from the previous quarter. The higher outlook and revenue backlog, alongside the quarterly loss, are the main elements investors are weighing in the company’s results.
The gains extended to the Nasdaq Composite, which rose 1.6% on Wednesday, while stocks outside the AI sector declined, according to The Associated Press. The Dow Jones was down 0.1%, or 55 points, at 10:45 a.m. Eastern time. The divergence highlights that the recovery did not extend evenly across the U.S. market, with strength concentrated in technology stocks tied to AI. CoreWeave shares rose 21.9% in the same session in which Broadcom added 5.3%. The news agency linked the sector’s move to CoreWeave’s results and guidance, without attributing Broadcom’s rise to a new announcement about Anthropic.
Broadcom announced on October 26, with its financial partners, a $63 billion financing structure to enable the provision of AI computing capacity for Anthropic using its technology. The company said deliveries under the agreement are expected to begin in 2027. In its results for the third quarter of fiscal 2026, Broadcom reported AI semiconductor revenue of $16.7 billion, up 221% year over year and 54% quarter over quarter. In September, it had forecast fourth-quarter fiscal revenue from those chips of $21.7 billion, a 236% year-over-year increase. These figures provide context for the company’s exposure to growing demand for AI chips, while the catalyst the Associated Press linked to the November 11 move was the sector’s recovery following CoreWeave’s results.
Broadcom’s total revenue was $29.591 billion in the third quarter of fiscal 2026, which ended on August 2, compared with $15.952 billion in the same period of 2025. The company said fourth-quarter and fiscal 2026 results will be released on December 9, after the U.S. trading session closes. Management is scheduled to host a call at 2:00 p.m. Pacific time that day. This will be the next announced date for investors to review the company’s results and update on its businesses, including AI chips. AVGO closed at $331.98 on November 10, according to EL7 data.