Broadcom rises after $10 billion buyback while chipmakers recoup some tariff losses

Networking and custom AI chipmaker Broadcom's AVGO.O shares rise 9.3% to $168.50 after closing up 5.3% on Monday

Co on Monday announced $10 billion share repurchase program

CEO Hock Tan says move underscores confidence in AVGO's artificial intelligence investments

Brokerage Keybanc also says AVGO will have partial share of customer Apple's iPhone 17 WiFi chips even as Apple AAPL.O increasingly moves to internal modems

Wider chip sector rises as it recovers from losses after historic market selloff last week on U.S. President Donald Trump's tariff announcements

AI chipmakers Nvidia NVDA.O, AMD AMD.O up more than 6% each, Intel up ~3.7%; benchmark Philadelphia Semiconductor Index .SOX up ~5% on Tuesday after ~16% drop last week

Analysts' average recommendation on AVGO is "buy" with median price target at $250 - data compiled by LSEG

AVGO down ~27.5% YTD after ~107.7% gain last year on AI enthusiasm