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Broadcom Stock Soars 20%, Adds $150 Billion in Market Cap on AI Growth
Dec 13, 2024, 02:26 PM
Broadcom Inc. experienced a significant surge in its stock price, rising over 20% after the company reported a 51% increase in annual revenues to $51.6 billion for the fiscal year ending November 3, 2024. This performance was driven by a 220% increase in AI revenue, reaching $12.2 billion, fueled by the growing demand for its AI chips. The company's CEO, Hock Tan, highlighted the potential for continued growth in the AI sector, predicting that sales of AI products would increase by 65% in the first fiscal quarter of 2025. Broadcom's market capitalization soared by $150 billion in a few hours, propelling it into the trillion-dollar club alongside tech giants like Microsoft, TSMC, and Nvidia. The company also forecasted a market opportunity of $90 billion by fiscal year 2027 for AI components it designs for data center operators. This optimistic outlook and the company's strategic focus on AI development have significantly boosted investor confidence, leading to a historic rise in its stock value.
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