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.

Goldman Sachs analyst Kash Rangan lowered its price target to $220 from $320, while maintaining a neutral rating. Rangan cited modest reported revenue growth and noted that higher capital expenditures and free cash flow burn increased concerns over Oracle’s growing financial needs.

Renewed concerns about the AI boom have weighed on tech shares

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.

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

Broadcom on Thursday said its AI revenue will double in the current quarter, but shares slumped as investors focused on narrowing margins after a major run-up in the stock price.

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,

U.S. stock futures swung between gains and losses on Friday after Thursday’s mixed close. Futures of major benchmark indices were mixed. Thursday experienced a rotation out of expensive tech names, which helped U.

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

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.

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,