# D.A. Davidson Raises Broadcom Target to $400 on AI Funding Outlook By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/42300 Published: 2026-10-28T03:32:58.000Z Updated: 2026-10-28T03:32:58.000Z Section: Investing > Anthropic’s proposed IPO has no set price or share count. As of June 30, 2026, it had $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments. D.A. Davidson analyst Gil Luria upgraded Broadcom to Buy from Neutral and lifted his 12-month price target to $400 from $350, tying the call to financing prospects for AI computing. The change came Oct. 27. Luria’s thesis centers on whether major AI developers can raise enough capital to keep funding computing infrastructure. He expected Anthropic’s proposed IPO to proceed and bring in capital, making the company’s ability to complete the offering relevant to demand for the systems Broadcom supplies. Anthropic filed for an IPO on Oct. 26 and plans to list Class A shares on Nasdaq under the symbol ANT. It has not specified an offering price or how many shares it plans to sell, and its registration statement is not effective. On June 30, 2026, Anthropic held $112.4 billion in cash and cash equivalents, plus $19.3 billion in short-term investments. It also had an undrawn $42 billion facility. Anthropic could issue convertible notes to Broadcom or a designated financial partner under that facility, solely to cover quarterly rent payments owed under the leases. The five-year equipment leases with Broadcom provide access to TPU-based computing capacity and include about $161.2 billion in rent payments over their terms, excluding interest. Payments generally begin when equipment is ready for service. Broadcom reported $16.7 billion in AI semiconductor revenue for its fiscal third quarter ended Aug. 2, 2026, up 221% from a year earlier and 54% from the prior quarter. The company’s [fourth-quarter AI semiconductor forecast]() is $21.7 billion, a 236% year-over-year increase. Broadcom President and CEO Hock Tan said, “Demand for our custom AI accelerators and networking continues to be very strong.” ## Links in this article - [fourth-quarter AI semiconductor forecast](https://www.tokenpost.com/news/investing/38804)