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The Earnings360 Team
Saturday's Bonus Story Jefferies Tells NVIDIA to Step Aside, Picks Broadcom as Top Semiconductor StockWritten by Leo Miller. Published 11/14/2025. 
Key Points - Jefferies named Broadcom its top semiconductor pick, setting a $480 price target that implies 41% upside.
- Google’s growing demand for TPUs, developed in partnership with Broadcom, is expected to drive major revenue gains in 2026.
- Jefferies projects Broadcom's revenue will reach $100 billion in 2026—a 59% year-over-year increase—reflecting a bullish outlook on AI ASIC sales.
Semiconductor giant Broadcom (NASDAQ: AVGO) has posted a very strong 2025. As of the Nov. 13 close, shares have delivered a total return of 47% year-to-date. That handily beats the S&P 500 Index's 16% gain. JC Parets — widely followed for his technical research and known for calling major turning points in 2008, 2020, and 2022 — is now warning that a powerful market signal, one historically seen before every major downturn for the past 50 years, is set to appear on a specific upcoming date. Before that happens, he believes we're entering a brief but meaningful window for potential gains, making this an important moment for investors to understand the setup. See JC's latest market forecast here Broadcom is also outperforming the semiconductor industry: the iShares Semiconductor ETF (NASDAQ: SOXX) has returned about 35% so far this year. Amid its impressive run, Broadcom has attracted numerous optimistic price targets from Wall Street analysts, including a new bullish call from Jefferies. The firm not only named Broadcom its top semiconductor pick but also issued the stock’s highest price target to date. Here’s why Jefferies sees more upside ahead. Top Semiconductor Pick: Jefferies Replaces NVIDIA With Broadcom Jefferies recently issued a $480 price target on Broadcom, implying shares could rise roughly 41% from their Nov. 13 close near $340. That is currently the highest analyst target for Broadcom, modestly above KeyCorp’s prior $460 forecast. Notably, Broadcom replaced NVIDIA (NASDAQ: NVDA) as Jefferies’s top semiconductor pick because the firm believes application-specific integrated circuits (ASICs) are at an “inflection point.” ASICs are custom-designed chips typically made for a specific buyer, and sales of AI ASICs have been a central driver of Broadcom’s recent performance. Jefferies is among the few analysts projecting greater upside for Broadcom than NVIDIA. Its $240 target on NVIDIA implies about 29% upside. By contrast, MarketBeat consensus targets generally indicate more upside for NVIDIA. NVIDIA’s consensus target suggests shares could gain about 27%, while Broadcom’s consensus implies roughly 10% upside. Jefferies is therefore comfortable bucking the consensus, predicting Broadcom will outperform NVIDIA. Below we unpack Jefferies’ reasoning. Google’s Growing TPU Demand Could Supercharge Broadcom Revenue Jefferies believes that Alphabet's (NASDAQ: GOOGL) subsidiary, Google, will drive strong demand for Broadcom’s ASICs in 2026. Broadcom is Google’s design partner for its Tensor Processing Units (TPUs). Jefferies estimates TPU volumes will “climb sharply,” with 2026 approaching 3 million units. The more TPUs Google orders, the more revenue Broadcom stands to generate from the partnership. MarketBeat noted at the end of October that higher TPU volumes from Google were a distinct possibility, adding upside potential to Broadcom shares. Jefferies' report reinforces that view. Investors don’t need to rely solely on Jefferies. Google’s recent announcement strongly suggests increased TPU purchases. On Nov. 6, the company said that its next-generation Ironwood TPUs will be generally available in the coming weeks, meaning cloud customers will be able to access Ironwood to support AI workloads. Historically, Google used TPUs mainly for internal AI workloads. Now it appears to be offering TPUs as a service to external customers. Since Google will continue to require internal capacity, supporting external demand will likely require additional TPU purchases overall — which benefits Broadcom. Jefferies: Broadcom Revenue Could Hit $130 Billion by 2027 Jefferies forecasts Broadcom’s revenue will rise to $100 billion in 2026 and $130 billion in 2027. If Broadcom meets its Q4 guidance of $17.4 billion in revenue, total 2025 revenue would be about $63 billion, implying roughly 59% growth in 2026 and 30% in 2027. That would represent a major acceleration from the approximately 23% growth Broadcom is guiding for in 2025. Broadcom hasn’t posted revenue growth above 59% since 2016. Overall, Jefferies’ outlook is on the high side compared with other forecasts, which is consistent with its very bullish Broadcom price target. Whether Broadcom truly represents a better chip play than NVIDIA is debatable. It will be worth watching if more analysts adopt Jefferies’ view. In the meantime, the signals around Broadcom remain constructive, supporting a positive outlook for the stock.
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