10 AI Stocks Trending On Wall Street Right Now

5. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 161

Broadcom Inc. (NASDAQ:AVGO) is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets. On March 7, Citi analyst Christopher Danely reiterated a “Buy” rating on the stock with a $220.00 price target. The analyst is bullish on the stock post its earnings print, stating that revenue and gross margins have exceeded consensus estimates.

These results have been driven by the strength in AI semiconductor and software sales, the firm noted. With the AI segment poised to continue growth, it will likely offset the potential risks from sanctions on Bytedance and a decrease in wireless market share at Apple as well. Moreover, Broadcom has secured two new AI engagements, strengthening its position in the AI market even further. All in all, the company’s AI engagements are expected to play a critical role in shaping Broadcom’s performance and help it sustain its competitive edge.