Broadcom stock is down 32% from its high, but Anthropic’s IPO filing may clarify the bull case

Anthropic's S-1 revealed $161.2 billion in noncancelable commitments tied to Broadcom equipment, along with a $63 billion financing package for chip purchases Broadcom shares have shed almost 32% since peaking in June. That ranks as one of the steepest off-high corrections the chipmaker has seen as a public company. Anthropic’s IPO filing has now landed in the middle of that slide. It put hard numbers on the AI lab’s relationship with Broadcom, and some on Wall Street argue those numbers lower the risk in the bullish case. From record high to reality check Broadcom (AVGO) hit a record of nearly $495 in June 2026. By late October, the stock was trading around $342. The decline was not about a single bad quarter. Investors had grown uneasy about three overlapping issues: customer concentration, Broadcom’s heavy AI-related spending commitments, and whether demand from AI-intensive labs could hold up. Then on October 26, 2026, Anthropic filed for its initial public offering under the ticker “ANT.” The filing turned a vague worry into something investors could actually measure. What the S-1 showed Anthropic’s filing reported $16.3 billion in revenue for the first half of 2026. That figu...