Markets
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Luke Kawa

Broadcom joins $1 trillion club as AI revenues spike 220% 

Chipmaker Broadcom is booming on Friday after the company posted larger-than-expected quarterly profits and a massive surge in its AI business.

The near 20% jump pushed Broadcom shares above $1 trillion in market capitalization in early trading for the first time, joining a club that currently includes Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta, and Tesla. (Kudos to the Bank of America analysts who saw this one coming.)

These results suggest that Broadcom is carving out a substantial niche in the still hefty demand for semiconductor solutions to facilitate the AI boom. That’s particularly important given that chip demand ex-AI looks sluggish.

“AI revenue which grew 220 percent year-on-year was driven by our leading AI XPUs and Ethernet networking portfolio,” said President and CEO Hock Tan in a press release.

The stock is now the third-best-performing member of the VanEck Semiconductor ETF year-to date, trailing Nvidia and Marvell Technology.

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