Broadcom Bears Place $3.5 Million Put Bet as AVGO Trades Near 52-Week Highs

April 29, 2026

By TrendSpider Editor

Broadcom Bears Place $3.5 Million Put Bet as AVGO Trades Near 52-Week Highs

A single unusual options contract worth $3,496,000 in premium has surfaced in Broadcom Inc. (AVGO), signaling that at least one large player is positioning for potential downside ahead. The trade is a put at the $350 strike expiring January 15, 2027, with AVGO currently trading at $398.20, down 0.41% on the session. That places the stock well within the upper half of its 52-week range of $184.02 to $429.31, meaning this bearish bet would require a meaningful pullback to move into the money.

Key Drivers of the AVGO Stock Move

Main Catalyst: One unusual put contract was flagged today at the $350 strike, expiring January 15, 2027, carrying $3,496,000 in total premium. The contract had a size of 950 with an open interest ratio of 29%, and the strike sits out of the money relative to the current price of $398.20.
Bull Case: AVGO is trading near the top of its 52-week range, with the $429.31 high still within reach. The $350 put strike is roughly 12% below the current price, suggesting the buyer would need a substantial decline before this position becomes profitable. Broad strength in the semiconductor space has helped push AVGO well off its 52-week low of $184.02.
Bear Case: A $3,496,000 premium commitment is not a casual hedge. The January 2027 expiration gives the trade nearly nine months of runway, suggesting the buyer expects either a prolonged period of weakness or a sharp correction from current levels. With AVGO up significantly from its 52-week low, profit-taking risk and broader macro pressures could weigh on the stock.

The forward setup for AVGO remains complex. The stock has staged an impressive recovery from its 52-week low of $184.02, more than doubling to current levels, which naturally invites scrutiny about sustainability. Large-premium, long-dated put activity like today's contract often reflects institutional hedging rather than outright bearish conviction, but the size and structure of this trade warrant attention. Broadcom's position at the center of AI infrastructure buildout and custom silicon demand has been a core thesis for bulls, and any shift in that narrative, whether driven by enterprise spending cuts, hyperscaler capex changes, or broader semiconductor cycle concerns, could give this put buyer an eventual payoff.

AVGO Unusual Options Activity

One unusual contract was flagged in AVGO today, representing the entirety of the unusual flow. The sole contract is detailed below:

Type: Put | Strike: $350 | Expiry: January 15, 2027 | Volume/Size: 950 | Open Interest Ratio: 29% | Moneyness: Out of the money

Total premium tied to this unusual contract is $3,496,000. The 29% open interest ratio indicates this is a relatively new position rather than an add to an existing crowd of holders, adding weight to the idea that a single, deliberate actor initiated this trade today. There were no unusual call contracts flagged alongside this put, leaving the flow one-sided to the downside.

AVGO Seasonality

Late April and the May through June window have historically been a mixed period for semiconductor stocks, as investors digest quarterly earnings results and reassess forward guidance. A January 2027 expiration on this put gives the position exposure through multiple potential catalysts, including Broadcom's upcoming fiscal quarters and broader sector rotation cycles.

AVGO Relative Performance

AVGO is down 0.41% on the session, a modest dip that still leaves the stock at $398.20, well above the midpoint of its 52-week range of $184.02 to $429.31. The stock sits approximately $31 below its 52-week high, meaning it would need less than an 8% rally to set a new annual peak. The mild intraday decline does not appear to be driving the options activity, which looks more like a forward-looking institutional position than a reaction to today's price action.