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Technology Stocks : Semi Equipment Analysis

SOXX 306.55

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Oct 31 4:00 PM EDT

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From: Return to Sender	12/12/2024 8:09:12 PM
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Broadcom Shares Jump After Chipmaker Predicts AI Sales Surge finance.yahoo.com (Bloomberg) -- Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, rallied in late trading after predicting a boom in demand for its artificial intelligence chips. Sales of AI products will gain 65% in the fiscal first quarter, far faster than its overall semiconductor growth of about 10%, the company said during a post-earnings conference call. The chipmaker also predicted that the addressable market for AI components that it designs for data center operators would reach as high as $90 billion by fiscal 2027. Like Nvidia Corp., Broadcom is positioning itself to be a major beneficiary of the AI spending frenzy. And Chief Executive Officer Hock Tan said his company had won two major new hyperscaler customers — the biggest operators of data centers. The stock rose about 14% in extended trading following the announcement. It had been up 62% in 2024 through the close. Investors have piled into Broadcom’s stock this year, lured by AI optimism. The Palo Alto, California-based company had predicted that it would get more than $10 billion in annual revenue from that market, outpacing other parts of its business. Ultimately, the number reached $12.2 billion in the last fiscal year.

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