Shares of Broadcom (NASDAQ: AVGO) soared 10.6% on news of a new partnership for its custom AI chips. This partnership with OpenAI involves deploying 10 gigawatts of Broadcom’s ASICs, which are more energy-efficient than GPUs. OpenAI’s deals with major chipmakers like Nvidia and AMD highlight its focus on cutting-edge AI development.

In a strategic move, Broadcom announced a partnership with OpenAI to deploy 10 gigawatts of its custom AI chips. This deal showcases Broadcom’s growing influence in the AI chip space, with analysts projecting a 30% market share. The company’s attractively priced stock, with a PEG ratio of 0.38, presents an opportunity for investors.

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Read more at Nasdaq: Why Broadcom Stock Skyrocketed Monday Morning