Broadcom’s market cap loss marks the fourth-largest single-day decline among megacaps in six years despite strong AI-driven revenue growth.
Broadcom shares fell 13% on Thursday, wiping out $285.6 billion in market value after its fiscal second-quarter results. The drop ranks as the fourth-largest single-day loss among megacap stocks over the past six years.
Revenue climbed 49% to $22.2 billion, driven by a 143% surge in its AI semiconductor business, which accounted for nearly half of total sales. Net income also rose, though the market reaction overshadowed the gains.
Ark Invest’s Cathie Wood added to her Broadcom position amid the sell-off, alongside purchases in DoorDash and Coinbase.