Investors with a lot of money to spend have taken a bearish stance on Broadcom (NASDAQ:AVGO).And retail traders should know.We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with AVGO, it often means somebody knows something is about to happen.So how do we know what these investors just did? Today, Benzinga's options scanner spotted ...

Financial Data and Key Metrics Changes - Consolidated sales for Q2 2025 were $7.6 billion, exceeding guidance and up 10% year-over-year, or 8% on a constant currency basis [15] - Non-GAAP gross margin for Q2 was 11.2%, down approximately 110 basis points year-over-year, primarily due to regional and customer mix in Global Components and product mix in ECS [16][17] - Non-GAAP diluted EPS for Q2 was $2.43, above the guided range, mainly due to favorable sales results and a lower tax rate [18] Business Line Data and Key Metrics Changes - Global Components sales were $5.3 billion, up 11% versus the prior quarter and 8% year-over-year in constant currency [15] - Enterprise Computing Solutions (ECS) sales were $2.3 billion, 23% higher than the prior year, or 20% higher year-over-year in constant currency [15] - ECS billings grew 15% in Q2 compared to the same period last year [11] Market Data and Key Metrics Changes - Book-to-bill ratios are above parity in all three regions, indicating strong demand [8] - Inventory levels among large OEM customers are normalizing, providing visibility into real demand [9] - Backlog improved for a second consecutive quarter, reflecting promising demand trends [12] Company Strategy and Development Direction - The company is focused on helping customers navigate complexities in the evolving trade environment while leveraging its global supply chain assets [10] - Continued investment in working capital is anticipated to support growth as market conditions improve [26] - The company expects to benefit from ongoing productivity initiatives, which will enhance scale and operating leverage [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a modest recovery in the market, with expectations of mid-single-digit sales growth and operating margin stability for Q3 [10] - The company noted that while the current trade environment is uncertain, it does not expect material impacts on Q3 guidance [10] - Management highlighted that the evidence of cyclical recovery suggests better-than-seasonal sales patterns for the remainder of the year [14] Other Important Information - Cash flow used for operating activities in Q2 was $206 million, with a year-to-date cash flow from operations of $146 million [19] - The company repurchased $50 million of shares in Q2, with a remaining repurchase authorization of approximately $225 million [19] Q&A Session Summary Question: Understanding demand dynamics relative to inventory - Management indicated that inventories are down significantly from late 2023 peaks and that they are managing inventory effectively throughout the correction [24][25] Question: Margin guidance for September - Management clarified that margins are expected to remain stable, with some mix shift due to growth in the APAC region [28][29] Question: Customer inventory levels and demand - Management noted that customer inventories are normalizing, especially among larger OEMs, while destocking is still occurring in the mass market [36][37] Question: Supply side lead times - Lead times have remained stable and have not extended beyond pre-pandemic levels [40] Question: ECS segment margins and future outlook - Management explained that ECS margins are stable on a billings basis and expect further improvement as transactional volume scales [46][48]