Broadcom Stock Jumps on Speculation of Major New AI Chip Customer
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Broadcom stock surged on news it gained a new AI chip customer, speculated to be ByteDance, Amazon, or Apple.
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Broadcom says its custom AI chips have cost and power advantages over GPUs from AMD and Nvidia.
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Broadcom expects to generate over $10B in AI chip revenue in 2024, making up 35% of its semiconductor sales.
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Analyst Matthew Ramsay upgraded Broadcom stock to outperform, citing the sustainability and diversity of its growth.
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Broadcom stock is on the IBD Big Cap 20 and Tech Leaders stock lists.