20 Trending AI Stocks on Latest Analyst Ratings and News

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8. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The company recently announced earnings results for the third fiscal quarter, and Wall Street analysts were quick to outline their views on the report. Benchmark noted in an investor note that the earnings report of Broadcom was being looked to as some sort of savior of the AI momentum trade following a week of incredibly poor performance in the stock price of NVIDIA and most AI related names. However, the advisory underlined that Broadcom delivered only a tepid beat for the July quarter and provided guidance that was just shy of the consensus estimates.

Charlie Kawwas, the president of Broadcom Inc. (NASDAQ:AVGO), spoke at the Goldman Sachs 2024 Communacopia and Technology Conference earlier this month, saying that increased spending by the large Tier-1 hyperscalers would drive growth in the AI semiconductor business of Broadcom in fiscal 2025. In light of this, per Kawwas, Broadcom had positively revised its fiscal 2024 AI semiconductor revenue outlook from $7.5 billion at the beginning of fiscal 2024 to $12 billion earlier this month Kawwas also reiterated Broadcom’s deep focus on markets where it could build a sustainable franchise founded on technological leadership.

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