Synopsys Soars on Booming AI Chip Design Business
• Adopting AI tools in chip design gave Synopsys wings in 2023; Nvidia partner is in buy range after massive AI rally
• Revenue grew 21% to $1.6B while earnings climbed 36% in latest quarter
• Shares broke out ahead of earnings, then pulled back before rising past buy point again
• Up over 16% year-to-date, outpacing S&P 500; jumped 60%+ in 2023
• Mutual funds own 58% of shares; recent purchases by funds gave stock a strong accumulation rating