Key Takeaways

Shares of Broadcom ( AVGO ) are trending toward an all-time high closing price for the fourth day in a row as the chipmaker prepares to report quarterly results after the bell.

The stock has climbed each of the past seven trading sessions and hit a record intraday high of $265.43 Wednesday before closing at about $261. Shares traded near $263 mid-Thursday. Broadcom shares have gained nearly 30% in the past month, buoyed by an AI trade revived by Nvidia's ( NVDA ) strong results last week.

As to whether the rally will continue after Broadcom’s quarterly results, options pricing suggests investors expect the stock to move about 6.4% in either direction Friday. A move of that magnitude would either lift shares to another record high around $277 or sink them to $244, about where they were a week ago.

Broadcom’s recent rally has brought its share price above the analyst consensus price target of about $252 from analysts tracked by Visible Alpha. Of 14 total brokers, 13 have a “buy” or equivalent rating for Broadcom stock, with one “hold.”

The surge comes as earlier this week Broadcom began shipping its Tomahawk 6 series of advanced data center switches, which the company said are equipped with double the bandwidth of any Ethernet switch on the market.

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