Broadcom shows sharp price rise today!

Broadcom (AVGO) often appears in the top 10 tech stocks lists but yet seems to be mainly ignored by most retail investors. It has shown a massive gain of over 100% in just 1 year.

This morning (pre-market UK) it seems to be rocketing up 10% so far today, so I have bought in...

This new hype seems to come from it's recent tie in with OpenAI on a $10bn deal.

AVGO has a P/E of over 110 and seems way overpriced, so I will take a quick profit on this one after the US stock market opens this afternoon, rather than hold it for weeks since I own AVGO in many of my ETFs already as it is in the top ten of S&P companies.

Postscript

Broadcom started to dive as soon as the US market opened at 2:30 BST on news of generally bad USA statistics (e.g. unemployment up). So I chickened out and sold for a quick profit at $352. It went down to $332 by the end of trading on Friday.

Broadcom is already in a lot of my ETFs, so I still own quite a bit of Broadcom and a £33 quick profit is better than a slap in the face!

I also had previously bought £300 of Broadcom inside my Invest GIA account which I am holding for a long period too and is showing a nice gain...