But cannabis stocks soared on the stock market today on word that President Donald Trump would reclassify marijuana.The Nasdaq composite suffered the most among major indexes, with Broadcom's dive spurred by investor concerns about profit margin and the company's AI backlog.

Renewed concerns about the AI boom have weighed on tech shares

The consensus is that Broadcom will report October quarter revenue of $17.5 billion, with adjusted earnings per share of $1.87.

After yesterday's market close, Broadcom published results for the fourth quarter of its last fiscal year -- a period that ended Nov. 2. The company posted sales and earnings for the period that topped Wall Street's expectations, but bearish momentum is surging in response to other performance indicators.

What Happened? Shares of fabless chip and software maker Broadcom (NASDAQ:AVGO) jumped 2.2% in the morning session after reports surfaced that Microsoft was in discussions with the chipmaker to design its future custom chips,

Stocks fell broadly on Friday, as traders pared their bets on artificial intelligence in an increasingly uncertain market for tech. The S&P 500 and the Nasdaq Composite each ended the week lower, after posting two weeks of gains.

Some investors are selling Broadcom stock in the wake of its blockbuster financial report. That could be a costly mistake.

U.S. stock futures dropped on Thursday after Wednesday’s advances. Futures of major benchmark indices were lower. The Federal Reserve delivered a 25 basis points cut on Wednesday, bringing the rates down to 3.

Investors worried about the AI boom have zeroed in on their latest target: Broadcom. The chip maker's stock slid more than 6% premarket. If the losses hold through regular trading, the shares will log their biggest one-day drop since April,

The data center and semiconductor specialist just provided the clearest evidence yet that the adoption of artificial intelligence (AI) continues to gain steam.

U.S. stock futures swung between gains and losses on Friday after Thursday’s mixed close. Futures of major benchmark indices were mixed.