Broadcom Shares Surge After AI Computing Demand Fuels Growth

-- Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, rallied in late trading after its latest results and annual forecast topped estimates, lifted by robust demand for artificial intelligence products.EU to Slap Tariffs of Up to 48% on EV Imports From China

“Broadcom’s second-quarter results were once again driven by AI demand and VMware,” he said in the statement. Revenue from AI products alone reached a record $3.1 billion in the period, Tan said. Broadcom’s semiconductor division had revenue of $7.2 billion in the three months ended May 5. That compares with an average estimate of $7.12 billion, according to data compiled by Bloomberg. Infrastructure software sales were $5.29 billion, beating a prediction of $4.93 billion.

Apple is a top customer: Broadcom provides key components for the iPhone. During earnings calls, Tan typically gives updates on Broadcom’s often-contentious relationship with that company, though he refers to it obliquely as his “North American customer” or another vague description. Stock market today: S&P 500, Nasdaq soar to fresh records after inflation cools and Fed sees improving outlook

The Dow Jones Industrial Average could not hold onto this morning's massive gains as it falls into the red ahead of Wednesday's close. On the other hand, the S&P 500 and the Nasdaq Composite pulled off another bout of record highs coming off May's CPI data and the Federal Reserve's interest rate hold.

Source: News Formal (newsformal.com)

Hock Tan Broadcom Vmware Apple Inc. Artificial Intelligence Systems

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SK Group chief ordered to pay $1 billion in divorce case; shares in SK Inc soarExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

SK Group chief ordered to pay $1 billion in divorce case; shares in SK Inc soarExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Gap lifts annual sales forecast on Old Navy strength, shares surgeShares of the company surged 15% after the bell as the Banana Republic owner saw strong spring shopping, similar to mall-based retailers like Abercrombie...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Canada Goose beats estimates on China strength; shares surgeHigh-end coat maker Canada Goose Holdings Inc. reported higher-than-expected sales growth on strong retail results in China and the U.S.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Xpeng shares surge on tech service income, upbeat comments on self-driving techShares in Chinese electric vehicle maker Xpeng jumped on Wednesday driven by revenue growth from research and development services offered to Volkswagen as...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

GameStop Shares Surge Again as Meme-Stock Phenomenon ReturnsMeme-stock traders again piled into GameStop Corp. and AMC Entertainment Holdings Inc., a day after shares of both firms soared in a revival of the retail frenzy.
Source: BNNBloomberg - 🏆 83. / 50 Read more »