A 26% rally in Broadcom's stock in 2024, fueled largely by AI optimism
- Broadcom said on Thursday it expects $10 billion in revenue from chips related to artificial intelligence this year, but its stock dipped after the tech company's full-year forecast failed to impress investors.
Broadcom and Marvell both sell networking chips that help move around the large amounts of data demanded by AI computing, and both also help clients design custom AI chips. Tan also said that the custom chip business "can command margins similar to our corporate gross margin." That gross margin was about 75% on an adjusted basis for the fiscal first quarter.
Ahead of their results, Broadcom and Marvell each rallied over 4%, both hitting record highs having surged in recent months.
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