Broadcom’s AI-Fueled Forecast Triggers Biggest Rally Since 2020
- The chipmaker also is planning a 10-for-1 stock split
- AI products added record $3.1 billion to sales, CEO says
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Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, rose as much as 16% in New York trading after delivering strong results and an upbeat forecast, lifted by robust demand for artificial intelligence products.
Second-quarter profit was $10.96 a share, excluding some items, the company said in a statement Wednesday. That compared with an average estimate of $10.80. Revenue rose to $12.5 billion, compared with a projection of $12.1 billion.