markets

Luke Kawa12/13/24

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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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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