(Finance) – Shine Broadcomwhich changed hands with an increase of 21.49%.
The semiconductor maker expects demand for its custom AI chips to continue growing in the coming years.
Broadcom also announced higher-than-expected quarterly revenue. “Broadcom’s fiscal 2024 revenues grew 44% year-over-year to a record $51.6 billion, while infrastructure software revenues grew to $21.5 billion, driven by successful integration of VMware – said Hock Tan, President and CEO of Broadcom – Semiconductor revenues reached a record $30.1 billion, driven by AI revenues of $12.2 billion dollars. AI revenues, which grew 220 percent year-over-year, were driven by our leading AI XPUs and Ethernet networking portfolio.”
On a comparative level on a weekly basis, the trend of US tech company highlights a more marked trend than the trendline of theS&P 100. This demonstrates the greater propensity of investors to buy towards Broadcom compared to the index.
The short-term implications of Broadcom they underline the evolution of the positive phase at the test of the USD 223.7 resistance area. A descent to the bottom 213.2 is possible. A strengthening of the curve is expected upon testing new targets of 234.3.