A New Insider Move Draws Attention at Broadcom (AVGO)

Broadcom Inc. (NASDAQ:AVGO) is one of the 10 Best Stocks to Buy in Glen Kacher’s Light Street Portfolio.

A New Insider Move Draws Attention at Broadcom (AVGO)

On June 29, 2026, Broadcom Inc. (NASDAQ:AVGO) saw notable insider selling with the company’s Chief Legal & Corporate Affairs Officer, Mark Brazeal, parting with $9.7 million in stock at $387 per share. The sales reduced Mark’s stake by 17%. Over the past year, insider sales in Broadcom Inc. (NASDAQ:AVGO) have outpaced purchases, led by President Hock Tan’s $50 million divestment at $337 per share. However, even amid the net outflows, the company’s total insider ownership remains significant at 1.1%, representing approximately $20 billion in equity.

Prior to this, on June 24, 2026, OpenAI, together with Broadcom Inc. (NASDAQ:AVGO) unveiled “Jalapeño,” OpenAI’s first custom Intelligence Processor designed for large language model inference. The accelerator was co-developed in under nine months and aims to exceed the current state-of-the-art performance-per-watt efficiency. Hock Tan, President and CEO at Broadcom Inc. (NASDAQ:AVGO), gave the following statement:

By co-developing our industry-leading silicon directly with OpenAI, we are enabling the deployment of gigawatt scale data centers with Microsoft and other partners beginning in 2026.

The global technology company, Broadcom Inc. (NASDAQ:AVGO), designs, develops, and supplies a broad portfolio of semiconductor and infrastructure software products. Initially established in 1961 as a division of Hewlett-Packard, it now operates as a combined entity following a 2016 acquisition. The company has its headquarters in California.

While we acknowledge the risk and potential of AVGO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AVGO and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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