Broadcom Inc. (Broadcom (AVGO)) is having a moment. The stock has been on a tear — up about 76% over the past year — and investors keep buying the dips, especially as the broader market's appetite for anything AI-related shows no signs of slowing. On Friday, shares were up 1.44% in premarket trading at $432.71, hovering just below their 52-week high of $442.36.

But with earnings coming up on June 3, the question on everyone's mind is: how much of this run is already baked in?

Analysts Are Still Bullish — But They're Watching Google

Wall Street remains broadly positive on Broadcom. Catalyst Funds CIO David Miller told CNBC that Broadcom is one of the strongest AI infrastructure plays out there, even at its premium valuation. He pointed to multiple growth drivers: custom AI chips for hyperscalers, networking gear, and enterprise software. Basically, Broadcom is selling picks and shovels in the AI gold rush, and the miners are buying.

Aletheia Capital went a step further, reiterating its Buy rating and raising its price target to $525 from $500. But here's the interesting part: the firm says investors should pay less attention to the upcoming earnings numbers and more to what management says about Alphabet Inc.'s (Alphabet (GOOGL)) tensor processing unit (TPU) roadmap. According to Aletheia, Google seems to have adjusted its inference TPU strategy, with the TPUv8i expected to stay in use through 2027 and 2028. That's good news for Broadcom, because rising inference demand and more networking content per deployment should keep revenue and earnings growing through fiscal 2027.

The Chart: Uptrend Intact, But Momentum Is Cooling

Technically, Broadcom is in a clear longer-term uptrend. The stock is trading 2.7% above its 20-day simple moving average ($421.44) and 23.1% above its 200-day SMA ($351.63). The 20-day is above the 50-day, and the golden cross that formed in April (50-day crossing above the 200-day) reinforces that the intermediate trend is constructive.

But momentum is where things get a bit more nuanced. The MACD (moving average convergence divergence) is below its signal line, and the histogram is negative. In plain English, that means the upward pressure is cooling compared to the prior upswing. It doesn't mean the rally is over — but it does suggest that buyers might need a fresh catalyst to keep things accelerating.

From a levels perspective, the stock is pressing into an area just below its 52-week high. Traders will be watching for either a clean breakout above $442.36 or a rejection that triggers profit-taking. A pullback that holds above the 20-day/50-day trend zone would typically be seen as consolidation within an uptrend, not a trend reversal.

• Key Resistance: $437.50 — a nearby ceiling near the recent high zone where rebounds can stall.
• Key Support: $405.00 — a nearby floor below the 20-day SMA that could act as a line in the sand on a deeper pullback.

Earnings Preview: The Numbers to Watch

Broadcom is set to report earnings on June 3, 2026. Here's what analysts are expecting:

• EPS Estimate: $2.32 (up from $1.58 a year ago)
• Revenue Estimate: $22.08 billion (up from $15.00 billion a year ago)
• Valuation: P/E of 83.2x — that's a premium, even by tech standards

The analyst consensus is a Buy, with an average price target of $483.90. Recent moves include:

• Susquehanna: Positive, raised forecast to $490.00 (May 28)
• UBS: Buy, raised forecast to $490.00 (May 18)
• TD Cowen: Buy, raised forecast to $500.00 (May 15)

So the Street is clearly optimistic. But with a P/E of 83x, the stock is priced for perfection. If earnings come in strong and management delivers the right commentary on AI and Google's TPU plans, the stock could break out. If not, that premium valuation leaves little room for error.

Either way, June 3 is shaping up to be a big day for Broadcom investors.