Broadcom has been having a rough month, down about 10% recently despite being up significantly on the year. While they beat top and bottom line earnings, investors seem worried about the AI backlog and operating margins. Institutional options flow suggests smart money is hedging. There was a drop in net trade sentiment right after earnings, with a lot of long-dated calls paired with deep puts. The implied volatility is high, meaning the market expects a big move in either direction. Technical analysis in the article suggests a potential range between $302 and $380 by early 2026. The author suggests looking at bull call spreads expiring in Feb 2026, specifically the 350/360 strikes, to capture upside while limiting risk.