Big news out of Washington that most people missed.

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Broadcom CEO Holds $350B Outlook Strong Amid Calls to Slow Froniter AI Development

By Leo Miller. Publication Date: 9/22/2026.

Concerns about security and the potential evolution of artificial intelligence capabilities have put a spotlight on the pace of frontier model development. After doing so several months ago, Anthropic has again called for measures that would limit how quickly frontier models can improve.

This has understandably raised significant concerns about the AI trade. On Sept. 14, the next trading day after Anthropic CEO Dario Amodei released his blog post, “We Must Pace the Frontier,” many AI-related stocks tanked.

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Broadcom (NASDAQ: AVGO) fell 4.8%, while higher-volatility names such as Astera Labs (NASDAQ: ALAB) fell more than 10%. Markets expect these stocks to deliver drastic sales and earnings growth going forward, something a slowdown in frontier model development could threaten.

Broadcom CEO Hock Tan recently faced direct questions about how pacing AI development could affect the company’s approximately $350 billion AI sales outlook. Unsurprisingly, Tan stood by his forecast, with his comments revealing an important nuance in the AI slowdown debate—one that happens to favor Broadcom.

Broadcom Brushes Off AI Development Slowdown Concerns

In its last earnings call, Broadcom guided for $115 billion in AI chip revenue in fiscal year 2027 (FY2027) and $230 billion in fiscal year 2028 (FY2028). Rounding up by a few billion dollars, Hock Tan said, “We believe with a pretty high degree of confidence, we will ship $350 billion of AI semiconductors to these customers in the next two years.”

When asked, “Is there anything that has happened in this whole debate about the AI slowdown that would give you pause to that prediction?” Tan said, “No, not in the least.” He added that the company sees compute demand for frontier model development, or training, and inference continuing to be very strong and durable. Training is the process of making models more intelligent, while inference refers to using already-trained models to execute tasks.

However, Tan made a slightly more revealing statement later, saying, “Look, I don’t know about training, but when you want to productize inference, I see it continuing to be very, very strong.” This statement aligns with how an agreed-upon slowdown in AI development would likely affect the industry.

Models becoming too intelligent too quickly is the primary concern discussed by Anthropic and others. In turn, a slowdown in AI development would likely have the most negative effect on demand for training compute. In fact, Amodei specifically notes in his blog, “We should also consider pacing based on limiting the ingredients that go into frontier models, such as training compute.” Fortunately for Broadcom, its AI chip business is becoming more focused on inference than training, as demonstrated by its customer relationships.

Broadcom’s Top Customer Relationships Focus on Inference

In its latest earnings call, Broadcom noted that it is Alphabet’s (NASDAQ: GOOGL) partner in developing the company’s next-generation tensor processing unit (TPU) v8i. This is the inference-optimized variant of the TPU v8, while MediaTek (OTCMKTS: MDTKF) is Alphabet’s partner in developing the training-optimized TPU v8t. Thus, Broadcom is clearly more exposed to inference demand through this chip.

The same is true of the company’s collaboration with OpenAI. Broadcom has helped OpenAI develop Jalapeño, which the firms explicitly call “OpenAI’s first custom inference chip.” While revenue from the OpenAI relationship is likely limited at this point, Broadcom does not expect that to remain the case for long. As Jalapeño rolls out, Broadcom expects OpenAI to become the company’s second-largest custom chip buyer in FY2028.

Then there is Anthropic, which Broadcom expects to become its largest source of chip revenue in FY2027 and retain that position in FY2028. Broadcom is not developing a separate chip for Anthropic; the company will also deploy TPUs. Nonetheless, these chips will also be inference-optimized, with Anthropic expected to deploy 5 GW of the TPU v8i in 2027 and an additional 10 GW in 2028.

Calls for AI Slowdown Remain a Risk to Watch

There is reason to believe that training compute demand would be most adversely affected if the pace of frontier model development slowed. In this case, Broadcom’s heavy focus on inference compute could leave it in a better position.

None of this is to say that a slowdown in AI development would not negatively affect Broadcom’s business and stock price. It very well could, especially if slowing development causes frontier models to lose their intelligence lead, thereby reducing their share of inference demand. Accordingly, it is important to continue monitoring whether calls for a slowdown in frontier development intensify and move toward implementation.

Movado’s Turnaround Gains Momentum

By Peter Frank. Publication Date: 9/16/2026.

Investors know Movado Group (NYSE: MOV) as a watch company. Analysts know it as a Strong Buy.

The company has spent the past year transforming from a tariff-battered business into a compelling turnaround story. It is riding two consecutive quarters of earnings beats, a debt-free balance sheet, a freshly raised dividend and a shift in how younger consumers view traditional watches.

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Investors weighing whether to get in now should understand both how far the stock has already climbed and whether this year's margin improvement is temporary or structural.

Movado Gains Momentum

For much of fiscal years 2025 and 2026, Movado absorbed roughly $10 million in additional cost of goods sold tied to tariffs on imported watches. Net income came in at $26.6 million, or $1.17 per diluted share, in fiscal 2025.

That context makes the reversal even more striking. In the first quarter of the current fiscal year, Movado reported adjusted earnings per share (EPS) of 32 cents, compared with a Wall Street estimate of less than 10 cents.

Shares jumped roughly 45% in the days before and after the release, helping fuel a roughly 60% increase year to date.

The second quarter brought more of the same. Results reported Aug. 26 again blew past expectations, with net sales rising 4.9% to $169.8 million, ahead of the $164.2 million analysts had projected.

Adjusted EPS of 54 cents compared with 23 cents a year ago and topped the 35-cent consensus estimate. Net income more than quadrupled to $12.3 million from $3 million a year earlier, while adjusted operating income rose to $15.1 million from $7 million.

Refunds Boost Second-Quarter Results

Some of that improvement came with a footnote. Roughly 11 cents of the 54 cents in adjusted EPS came from a one-time benefit, as Movado collected $3.2 million in tariff refunds during the quarter.

Even excluding that benefit, gross margin expanded 340 basis points to 57.5%, and adjusted EPS still grew roughly 87% year over year. The company ended the quarter with $211.6 million in cash and no debt.

Management is rewarding shareholders for the recovery. The board raised the quarterly dividend to 40 cents a share from 35 cents earlier this year, pushing the yield to an attractive 4.8%. A modest share buyback is also underway.

Younger Consumers Return to Traditional Watches

Behind the numbers is apparently a genuine consumer shift. Chief Executive Efraim Grinberg told analysts that younger consumers are returning to traditional watches, collecting multiple pieces and treating them as fashion statements.

Movado is leaning into that trend with new smaller-case designs, a 145th-anniversary marketing push featuring ambassadors such as Julianne Moore and Tyrese Haliburton, and continued Gen Z strength at Coach.

The company is also expanding its partnership with Tapestry (NYSE: TPR) to launch Kate Spade watches beginning next fiscal year. That adds another lever to a licensing roster that already includes Tommy Hilfiger, Lacoste, Calvin Klein and HUGO BOSS.

Analysts Turn Bullish on Movado

Analyst sentiment has largely caught up with the results, with Wall Street consensus labeling the company a Strong Buy. Of the four analysts covering the stock, two rate it a Buy and the other two rate it a Strong Buy.

The average 12-month price target is $40 per share, implying roughly 22% upside from its current price. The highest price target is $45 per share, and the lowest is $35.

Margin Pressures and Competition Pose Risks

There are reasons for some caution, however.

The most important is that much of the recent gross-margin windfall may be temporary. Management has guided to top-line growth in the mid-single-digit range for the second half of this fiscal year, while gross margin is expected to come in between 55% and 56%, below the second quarter's 57.5% as the tariff environment changes.

Movado also operates in a crowded field. Fossil Group (NASDAQ: FOSL) has struggled for years in the same fashion-watch category, demonstrating how quickly momentum can reverse. Larger accessories players such as Capri Holdings (NYSE: CPRI) and Ralph Lauren (NYSE: RL) also compete for similar wrist space and discretionary dollars.

In addition, smartwatches from Apple (NASDAQ: AAPL) and Garmin (NYSE: GRMN) remain a longer-term threat to analog demand, even if Movado's data suggests younger buyers are rediscovering mechanical and quartz pieces as style statements.

Investors Should Weigh the Recent Run

Investors looking to follow the analysts' recommendation should keep in mind how far the stock has come, as well as the recent pullback. Such a run for a company with a market capitalization of around $740 million may have already priced in a significant portion of the good news.

Still, with a nearly 5% dividend yield, double-digit earnings growth and a clean balance sheet, the Movado story is compelling. If generational tastes continue to shift in the company's favor and gross margin normalizes as guided, the time might be right to synchronize a portfolio with this watchmaker.