Broadcom stock slips after-hours as Cisco fires a shot in AI networking race
Broadcom shares fell $3.53, or 1%, to $340.44 in after-hours trading Tuesday after Cisco unveiled a new AI networking chip targeting Broadcom’s Tomahawk line. UBS downgraded the U.S. tech sector to “neutral,” citing concerns over slowing AI infrastructure spending. Investors are watching for U.S. jobs data on Feb. 11 and Broadcom’s earnings on March 4.