30 Most Important AI Stocks According to BlackRock

12. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130 

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The company recently posted earnings for the third quarter of 2024, reporting earnings per share of $1.24, beating market estimates by $0.03. The revenue over the period was more than $13 billion, up nearly 47% compared to the revenue over the same period last year and beating analyst expectations by $110 million. The firm revealed fourth quarter fiscal year 2024 revenue guidance of approximately $14 billion, including contribution from VMware, an increase of 51% from the prior year period. The fourth quarter fiscal year 2024 adjusted EBITDA guidance was approximately 64 percent of projected revenue.

Broadcom Inc. (NASDAQ:AVGO) earned bullish calls from Wall Street following the results. Benchmark reiterated a Buy rating on the stock with a price target of $210, noting that the earnings report of the company was solid, without any material soft points, but the AI business lacked the clear upside momentum the Street was looking for. However, the advisory recommended that investors take advantage of the near-term share price volatility with Broadcom remaining a key vehicle for participation in the industry’s AI adoption.