Broadcom shares rise 3% after JPMorgan AI upgrade

Shares of Broadcom Inc. rose in premarket trading on Wednesday, June 17, 2026, following a positive analyst note that countered recent investor concerns and projected significant long-term growth from artificial intelligence infrastructure. The stock climbed roughly 3% after a difficult month that saw it fall 14% from a record closing high of $481.57 on June 2.

The rebound was spurred by analysts at J.P. Morgan, who reiterated an Overweight rating on the stock with a $580 price target, implying a 54% upside from Tuesday's closing price of $376.71. The analysts stated they would be aggressive buyers at current levels, citing Broadcom's dominance in advanced chip packaging design, its intellectual property portfolio, and its execution with major customers.

A key focus was Broadcom's strategic partnership with Alphabet's Google. J.P. Morgan directly addressed recent market apprehension, clarifying that there has been no delay or cancellation of the next-generation Google Tensor Processing Unit (TPU) program and that Broadcom remains on track for production. The analysts noted the company has collaborated with Google on 14 advanced chip designs over the past 12 years, covering eight...