Broadcom soars almost 10% following last week's surge - Breaking The News

Broadcom soars almost 10% following last week's surge

16 December

1 min read

EPA-EFE/JOHN G. MABANGLO

Broadcom Inc. continued its upward momentum, rising almost 10% on Monday, after a 20% surge last Friday. The rally seems to reflect growing investor optimism fueled by the company's strong AI prospects and recent earnings.

The semiconductor giant's market performance last week was driven by its bullish forecast for custom AI chips, which are projected to generate $60-90 billion in revenue by fiscal 2027. CEO Hock Tan emphasized the role of agreements with tech giants in this growth trajectory.

Broadcom's shares soared 9.98% to sell at $247.2299 apiece at 10:09 am ET. As a result, the company's market capitalization now stands at around $1.13 trillion.

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