Analysts named Broadcom the stock most likely to gain from Anthropic’s Wall Street debut, a day after the AI company said it had filed its IPO prospectus with the Securities and Exchange Commission. Several now recommend AVGO for portfolios built around semiconductors.

Anthropic plans to list on the Nasdaq under the ticker “ANT”.

Anthropic IPO: immediate upgrades to Broadcom’s rating and price target

D.A. Davidson’s research arm raised its rating on Broadcom from neutral to buy on the news and lifted its price target from USD 350 to USD 400.

That target implies upside of almost 22% from Monday’s close.

Analyst Gil Luria put it this way in a note to clients, reported by a CNBC article:

“Our analysis of Anthropic’s IPO prospectus leads us to believe that the listing will go ahead, that Anthropic will raise capital and that next year OpenAI will raise additional funds through an IPO of its own, allowing Broadcom to meet expectations for the next two years.”

Not just Anthropic: a positive effect from an OpenAI IPO too

Luria’s comment points to a second catalyst: OpenAI’s own IPO. OpenAI has put off its market debut for now, a decision that came as alarm spread weeks ago over the supposed danger that artificial intelligence poses to humanity as a whole.

On Anthropic, Luria added that “at a current multiple of 16 times projected 2027 earnings per share, AVGO is trading as if the odds of all this happening were close to zero. That creates significant upside potential if both deals — Anthropic’s IPO and OpenAI’s as well — were to materialize”.

Broadcom shares rose more than 3% on Wall Street.

The two companies need each other. Broadcom is a key partner in building out the infrastructure of the group co-founded and led by CEO Dario Amodei.

On Monday, October 26, 2026, the chipmaker said Bank of America, Blackstone, Citi and Morgan Stanley have set up a special purpose vehicle to finance USD 63 billion of artificial-intelligence chips made by the company and destined for Anthropic.

In early October, Anthropic disclosed that it would borrow up to USD 42 billion from Broadcom to build its own AI infrastructure.

In return, Anthropic could become one of the largest customers of Broadcom’s chip design business in 2027.

Other analysts make the same case for Broadcom as the real winner of Anthropic’s IPO.

Simon Leopold, an analyst at Raymond James, wrote that he expects “Anthropic to deploy another 5 gigawatts of TPU8i-based capacity in fiscal year 2027 and a further 10 GW in fiscal year 2028, becoming Broadcom’s leading customer for XPUs in 2027”.

The prospectus filing, Leopold added, “provides compelling evidence supporting the scale and duration of this opportunity”.

He also noted that “Broadcom’s potential USD 42 billion financial commitment, which could be transferred to a financial partner, highlights a financial exposure that the market has given less consideration”.

The analyst: Broadcom stock offers an attractive risk/reward profile

Sebastien Naji, an analyst at William Blair, was also positive, saying the expansion of the XPU business could translate into sizeable gains for the stock.

Naji said he believes “the stock offers an attractive risk/reward profile, in light of Broadcom’s XPU customer roadmap and the likely potential for results above expectations”.

That roadmap is the plan by which the chip giant taps demand from customers which intend to progressively increase their use of custom AI chips.

XPUs are accelerators built to run specific artificial-intelligence workloads.

Broadcom is betting on them by working with large technology companies and AI developers on bespoke solutions, such as Google’s TPUs, rather than relying only on Nvidia’s general-purpose GPUs.

The TPUs confirm Broadcom’s roadmap, as it allies with US Big Tech to build custom AI chips that can serve as an alternative to Nvidia’s semiconductors. TPU stands for Tensor Processing Unit, the name of the AI processors Google designed with technological input from Broadcom.

Chris Caso of Wolfe Research is optimistic too. The multibillion-dollar financing deal signed with the group now heading for the public market bodes well for the future growth of the entire supply chain, he said, and should support several semiconductor stocks, Broadcom among them: “The financing intended to cover Anthropic’s purchases of Broadcom products in 2027 is now available, which makes it highly likely that those purchases will proceed as planned”, Caso wrote.

He added that, “more generally, the fact that these purchases turn out to be financeable despite their large size increases confidence that the bullish forecasts for 2027 and 2028 will be met across the entire supply chain”.

Sentiment on Broadcom remains positive on Wall Street. Of the 51 analysts covering AVGO, 48 have a buy or strong buy recommendation, according to LSEG data.

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on October 28, 2026 as «Perché le azioni Broadcom saranno le vere vincitrici con l’IPO di Anthropic». It has been translated and adapted for an international audience by the Money.it International desk.