Why Broadcom Rallied Today
Shares of (NASDAQ: AVGO) rallied on Monday, up 3.6% as of 12:20 p.m. ET. The move was all the more notable since the stock rallied 9.4% last Friday, following last Thursday's earnings release.
Broadcom has become a massive AI winner due to its custom ASIC (application-specific integrated chip) business, which several large cloud and AI companies are using to aid their in-house designed AI chip efforts. On the back of Thursday's announcement that Broadcom had landed a new large ASIC customer, analysts are raising their price targets on the stock today... while also downgrading a big competitor.
On the heels of CEO Hock Tan's announcement that Broadcom had landed a fourth major AI ASIC customer with a $10 billion order, The Wall Street Journal later confirmed the new customer is OpenAI, the parent company of ChatGPT.
Source Fool.com
Broadcom Ltd. Stock
The stock is an absolute favorite of our community with 93 Buy predictions and no Sell predictions.
However, we have a potential of -0.06% for Broadcom Ltd. as the target price of 308 € is below the current price of 308.2 €.
