Broadcom, not typically associated with AI chips, has a $1.6 trillion market cap and reported a $73 billion AI order backlog. The company focuses on custom ASICs for hyperscalers like Google and Amazon, leading to a surge in revenue. JPMorgan upgraded the stock due to growing demand for ASIC chips, with revenue hitting $18.02 billion in Q4 2025. Wall Street investors like Grantham and Renaissance Technologies have heavily invested in Broadcom, seeing it as a strong challenger to Nvidia’s dominance in the AI market. With a differentiated strategy and strong financial backing, Broadcom remains a solid buy despite recent volatility.

Read more at Barchart: Did Nvidia Just Lose Its Spot as Wall Street’s AI Chip Darling? JPMorgan Says This ‘Overall Top Pick’ Is Better.