Broadcom jumps as upbeat forecast quells AI chip demand worries
Broadcom's shares soared 12% in premarket trading on Friday as the chipmaker's strong revenue forecast helped restore some confidence in AI chip demand after a bruising sector-wide selloff following rival Marvell Technology's bleak outlook.
Broadcom’s stock bounces back on strong earnings and guidance powered by AI chip demand
The strong results helped to ease concerns about beaten-down AI stocks, which surfaced yesterday after fellow chipmaker Marvell Technology Inc. only just delivered to expectations and fell sharply Thursday morning. Broadcom’s stock surged more than 12% after-hours.
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The AI chipmaker offered an upbeat second-quarter outlook that was a silver lining in the otherwise downtrodden AI trade.
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