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Broadcom’s stock pops on mystery $10 billion AI customer
- Broadcom CEO Hock Tan indicated that the company anticipates AI-related semiconductor sales to grow and reach $6.2 billion in the fourth quarter of 2024.
- This outlook follows strong third-quarter results where AI revenue grew 63% to $5.2 billion, fueled by hyperscale partners including Google investing heavily in custom accelerators.
- Broadcom also launched the Tomahawk Ultra and next-generation Jericho networking chips this year to accelerate AI compute and challenge Nvidia's dominance.
- The company reported third-quarter revenue of $15.95 billion, beating estimates, while management expects fourth-quarter sales of $17.4 billion versus analyst estimates of $17.05 billion.
- Broadcom's AI growth and new chip launches have helped drive its shares up more than 30% year to date, reflecting strong market confidence and significant revenue expansion.
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Broadcom forecasts upbeat fourth-quarter revenue as AI chip demand soars
Broadcom forecast fourth-quarter revenue above Wall Street estimates on Thursday, banking on strong demand for its custom AI chips as enterprise clients invest heavily in data centers and machine learning applications.The company has been one of the biggest beneficiaries of the generative artificial intellige
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Coverage Details
Total News Sources20
Leaning Left2Leaning Right2Center7Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 18%
C 64%
R 18%
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