AVGO — Sep 345/325 put credit spread
Broadcom guided fiscal Q3 AI semiconductor revenue to $16.0B, up more than 200% year over year, and its remaining performance obligation reached $164.6B in fiscal Q2 on our EDGAR pull, up 566%. IV rank is 68.8 into the September 2 print, so the short 345 put collects 4.80 on 20 points of width and absorbs the post-print volatility crush in the direction of the order book. The chain prices a 10.1% move and the credit holds as long as the stock stays above 340.
- Ticker: AVGO
- Direction: Bullish
- Risk profile: earnings
- Confidence: medium
- Catalyst: Q3 FY2026 earnings, after the close (2026-09-02)
- Cohort: 2026-08-30
- Expires: 2026-09-06
- Max loss: $15.20
- Max gain: $4.80
Structure
- short put 345 2026-09-18
- long put 325 2026-09-18
Signals
- Q3 AI semi revenue guide: $16.0B, +200% YoY (CNBC, StockTitan) (web_search)
- RPO / backlog FQ2 2026: $164.6B, +566% YoY (DB)
- IV rank (52w percentile): 68.8, expected move 10.1% (DB)
- Relative strength: +0.09% WoW vs DC supply-chain basket -3.44% (DB)
What invalidates this thesis
Broadcom fell 12.6% the session after its June 3 beat because management declined to lift the FY27 AI target above $100B. A repeat of that setup takes the stock through the 340.20 breakeven and the spread to its 15.20 max loss.