Broadcom Inc. (NASDAQ: AVGO) is a Trending AI Stock on Wall Street. HSBC analyst Frank Lee reiterated a Buy rating on the stock with a $535.00 price target on December 8. Broadcom shares surged 15% since November 18 after Alphabet’s launch of Gemini 3 model trained on TPUs supplied by Broadcom, improving market sentiment.

TPUs are now seen as an alternative to GPUs, boosting Broadcom’s ASIC momentum. The street raised FY26/FY27e ASIC revenue estimates by 5%/14% post-Gemini 3 launch, but Broadcom’s ASIC revenue estimates remain 38%/40% above the street. Management likely to raise ASIC revenue guidance at 4QFY25 earnings call.

Broadcom, a tech company, is well-positioned in the AI revolution with custom chip offerings and networking assets. While AVGO shows promise as an investment, other AI stocks may offer greater upside potential and less downside risk. A free report on the best short-term AI stock is recommended for investors seeking undervalued opportunities.

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Read more at Yahoo Finance: Wall Street Undervalues Broadcom’s (AVGO) ASIC Story, HSBC Says