Broadcom Inc AVGO stock recorded an all-time-high (ATH) on Wednesday. The stock was seen trading at a high of $1,099.78 during intraday trading, marking a new high in the stock’s history.
The stock has returned 96.88% to investors so far this year. The surge has been propelled by a combination of strategic moves, financial prowess, and industry dynamics, solidifying Broadcom’s position as a key player in the market.
Recent factors that have been driving performance for AVGO include:
- Broadcom’s Q4 earnings beat expectations
- The company is focusing on AI sector growth and has doubled its AI sales forecast.
Broadcom is making significant strides in the artificial intelligence (AI) field, partnering with major players like Alphabet Inc‘s Google and Comcast Corp. The collaboration focuses on creating chips and infrastructure tailored for AI uses, including Google’s specialized tensor processing unit.
Market experts anticipate a substantial growth in Broadcom’s AI infrastructure revenue, forecasting an increase from $4 billion in FY23 (accounting for 11% of FY23’s total sales) to upwards of $8 billion in FY24, which would represent 17% of their sales for that fiscal year.
Read More Here: Analyst Confidence Skyrockets in Broadcom: A Glimpse into Its Lucrative AI Future?
Technicals indicate that Broadcom’s stock is in a clear upward trend. The stock shows potential for a bullish trend, indicated by the recent golden cross formation where the 50-day SMA crossed above the 100-day SMA, though future performance remains uncertain.
Recent analyst ratings rate Broadcom stock a buy with their price targets in the range of $1,000 to $1,160.
Now Read: Broadcom Analysts Increase Their Forecasts After Q4 Earnings
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