By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Investing > Broadcom’s AI Chip Deals with Apple, Meta, Google, Excite Wall Street
Investing

Broadcom’s AI Chip Deals with Apple, Meta, Google, Excite Wall Street

News Room
Last updated: 2023/05/30 at 5:02 PM
By News Room
Share
2 Min Read
SHARE

Broadcom
is scheduled to report earnings Thursday, and analysts are optimistic about the semiconductor maker’s orders from major tech companies such as
Apple,

Meta Platforms
and
Google.

In midday trading Tuesday, shares of Broadcom (ticker: AVGO) were up 6.5% Tuesday to $865.32, an record high for the stock. The stock has soared 55% this year.

The company and Apple (AAPL) announced a new multibillion-dollar agreement to make 5G radio frequency components and wireless chips. The deal and others, most notably with Google, have Wall Street mostly positive coming into earnings.

“We believe that Broadcom’s custom chip (ASIC) business has continued to see accelerating orders from Google for its advanced artificial-intelligence processor chip called TPU,” JP Morgan analyst Harlan Sur wrote in a research note Tuesday.

Sur, who doesn’t have a rating or price target on the stock, added that Broadcom has said it plans to ship $3 billion in total cloud custom chip revenue between companies such as Alphabet’s Google (GOOGL),
Microsoft
(MSFT), and Meta (META) this year, but he thinks order acceleration from Google implies that Google’s TPU processor program alone could drive $3 billion or more in revenue.

On Monday, KeyBanc Capital Markets analyst John Vinh raised his price target to $820 from $720 and maintained his Overweight rating.

“Despite signs of normalizing supply, backlog coverage and still-long lead times are expected to support results/outlook, coupled with generative AI and the renewal of AAPL’s long-term agreement,” Vinh wrote in a research note.

Vinh expects the company’s numbers will be in line or slightly higher than second-quarter results and guidance.

Of the 27 analysts surveyed by FactSet, 23 rate the stock Buy, three Hold and one Sell.

Write to Angela Palumbo at angela.palumbo@dowjones.com

Read the full article here

News Room May 30, 2023 May 30, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Israeli attacks revive bitter Iranian memories of 1980s Iraq war

On the first night of Israel’s air strikes on Tehran, Sanam, a…

Carmakers seek western supplies of rare earths and magnets

Stay informed with free updatesSimply sign up to the Automobiles myFT Digest…

Why Saudi Arabia raised oil output before Israel’s attack on Iran

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Israel-Iran latest: Iran and Israel exchange fresh strikes as conflict escalates

Iran’s Revolutionary Guards have threatened “more forceful and expansive” attacks against Israel…

Bond market braces for potential summer turbulence

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Nursing Home Stocks Could Suffer from this Medicaid Spending Remedy

By News Room
Investing

Bitcoin Drops Below $90,000 Again. What Could Move It Next.

By News Room
Investing

These Stocks Are Moving the Most Today: Marvell, Nvidia, Broadcom, GM, Tesla, MongoDB, Burlington, and More

By News Room
Investing

Nvidia Stock Falls as Marvell Earnings Compound AI Gloom. The Rising Risks for Chips.

By News Room
Investing

This analyst says Tesla deliveries will be 16% below expectations. Musk is part of the problem.

By News Room
Investing

BP CEO was awarded no bonus pay from oil giant’s financial performance

By News Room
Investing

Shares of Starlink’s European competitor have tripled. CEO says it can do the job in Ukraine.

By News Room
Investing

GE Vernova Stock Rises as Analyst Flips to Upgrade After Rating Cut

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?