13 Best Big Tech Stocks To Buy Now

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8. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) is a semiconductor company based in Palo Alto, California. It provides digital and mixed-signal complementary metal oxide semiconductor-based devices.

Broadcom Inc. (NASDAQ:AVGO) has an incredibly diverse revenue stream, which sets it apart from competitors in the semiconductor space. The company offers AI networking solutions alongside wireless chips and accessories that are used in 5G-capable smartphones. It also offers optical components and solutions to companies operating in the industrial and automotive spaces. Through this diverse revenue stream, Broadcom Inc. (NASDAQ:AVGO) ensures high revenues every quarter.

For instance, in the fiscal third quarter of 2024, Broadcom Inc. (NASDAQ:AVGO) generated revenues of $13.1 billion, up 47% year-over-year and above the $12.9 billion consensus estimate. The company has also recently acquired VMware, which is expected to further aid in revenue growth in future quarters.

Since Broadcom Inc. (NASDAQ:AVGO) is an essential player in the custom AI processors space, many have gone as far as calling it the second-most important AI chip company after Nvidia. Because of this, analysts like those at JPMorgan estimate that the company could generate $150 billion in revenue for AI customers alone over the next four to five years. This figure is quite believable, seeing as many of Broadcom Inc.’s (NASDAQ:AVGO) customers are famous tech players like Alphabet, Meta, and OpenAI.

A total of 130 hedge funds were long Broadcom Inc. (NASDAQ:AVGO) in the second quarter, with a total stake value of $20.04 billion.

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