Reported 2 days ago
Broadcom Inc. experienced a significant share price increase, marking its largest gain in 12 weeks, following an optimistic forecast that highlighted robust spending in artificial intelligence (AI) computing. The company anticipates sales of approximately $14.9 billion for the quarter ending May 4, exceeding analysts' expectations, which suggests the ongoing strength of AI investments. Broadcom's CEO, Hock Tan, noted that the company is ramping up production of AI chips for large data center operators and has plans to engage with new clientele in this sector, reinforcing investor confidence amid recent cautious market conditions.
Source: YAHOO