Broadcom (AVGO) is trading 3.4% down at $366.18 in pre-market. This decline occurs even as OpenAI announced a partnership with Broadcom and Celestica for its first custom AI chip, 'Jalapeño', on June 26, 2026, a significant company-specific development. The broader semiconductor sector and AI-exposed tech stocks are under pressure today due to sector-wide valuation concerns and a market rotation out of AI leaders. Major indices and global tech futures are also trading lower, contributing to the selling pressure.