Shares of Broadcom were on pace for a record-high

Nov 10, 2023 thejournalbiz

The stock was recently up more than 2% to more than $930, rising for a tenth day in 11 sessions.

It will set a new record if it closes above $922.89, according to Dow Jones Market Data, marking the first record close since August.

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Shares of Broadcom are on pace for a record high!

The stock was recently traded at $930, rising for a tenth day in 11 sessions. It will set a new record if it closes above $922.89, according to Dow Jones Market Data#boradcom #shares #DataAnalytics pic.twitter.com/LBtaQudw4p

— The_Journalbiz (@the_journalbiz) November 10, 2023

Factset chart

The stock is up more than 60% this year. Investors are hoping the company’s planned acquisition of VMWare, first unveiled nearly 18 months ago, finally goes through. Shares of VMWare were recently up about 1%.

Broadcom’s confidence of closing the deal notwithstanding, China’s silence is worrisome because the country’s regulators have a record of letting big tech deals collapse by delaying their decisions on whether to approve mergers.

In 2018, Qualcomm abandoned its $44 billion purchase of Dutch chipmaker NXP Semiconductors after the deadline to close the tie-up passed without China’s approval. The failed deal was considered a victim of the growing U.S.-China trade tensions at the time.

More recently, Intel in August scrapped its more-than-$5 billion offer to buy Israeli chip maker Tower Semiconductor after Chinese regulators failed to approve the deal amid U.S.-China technology tensions.

*An index of chip stocks was recently about 2% higher.

Broadcom Inc.