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Broadcom shares jump after chipmaker predicts AI sales surge
The Straits Times
|December 14, 2024
SAN FRANCISCO - Broadcom, a chip supplier for Apple and other big tech companies, rallied in late trading after predicting a boom in demand for its artificial intelligence (AI) chips.
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Sales of its AI products will gain 65 per cent in the fiscal first quarter, far faster than its overall semiconductor growth of about 10 per cent, the company said during a post-earnings conference call on Dec 12. The chipmaker also predicted that the total available market for AI components that it designs for data centre operators would reach as high as US$90 billion (S$121 billion) by fiscal 2027.
Like Nvidia, Broadcom is positioning itself to be a major beneficiary of the AI spending frenzy. Broadcom chief executive Tan Hock Eng said his company had won two major new hyperscaler customers - the biggest operators of data centres.
The stock rose about 14 per cent in extended trading on Dec 12 following the announcement. It had been up 62 per cent in 2024 through the close.
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