Broadcom stock surged 4.9% after partnership with Apple on AI chip, positive.

From Nasdaq: 2024-12-11 11:44:21

Shares of Broadcom (NASDAQ: AVGO) surged after reports of a partnership with Apple (NASDAQ: AAPL) on an AI chip, potentially challenging Nvidia’s dominance in the sector. This collaboration also strengthens Broadcom’s ties with Apple, its largest customer. Broadcom stock rose 4.9% on the news.

Apple is reportedly developing its first server chip for AI and working with Broadcom on networking technology. With over 2 billion devices in its base, Apple’s venture into AI could be a game-changer. Broadcom expects significant revenue from this partnership, especially given Apple’s importance as a customer.

Ahead of its Q4 earnings report, Broadcom is expected to show strong growth fueled by VMware acquisition. Analysts predict revenue to grow 51.2% to $14.1 billion with adjusted earnings per share of $1.39. Keep an eye on AI revenue, as Broadcom expects $12 billion in fiscal 2024.

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Read more at Nasdaq: Why Broadcom Stock Was Climbing Today