Broadcom Earnings Run Headlong Into Stock’s $730 Billion Rally
Wall Street expects Broadcom to post 34% year-over-year growth in adjusted earnings per share for the fiscal third quarter.
Photographer: Chris Ratcliffe/BloombergInvestors worried about faltering momentum in the artificial intelligence trade are looking for a spark from Thursday’s earnings report by the world’s hottest chipmaker: Broadcom Inc.
But after the more than 100% rally in Broadcom shares since they bottomed in April, adding about $730 billion to the company’s market value and making it the third-best performer in the Nasdaq 100 Index during that time, the issue is how much further the stock can run — even off blowout results. Broadcom shares rose as much as 2.1% intraday Thursday, a third consecutive day of gains.