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9. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 130

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The firm has made a name of itself in the AI world by offering companies the option to design custom AI chips tailored to their specific needs. This strategy has translated into earnings. In the recent earnings report, the company reported an EPS of $10.96, beating market estimates by $0.12. The revenue over the period was $12.49 billion, up 43% year-on-year and surpassing analyst expectations by a whopping $480 million. The company reported a healthy cash flow of approximately $4.45 billion, equating to 36% of sales.

This performance has earned Broadcom Inc. (NASDAQ:AVGO) many fans on Wall Street. Bank of America recently raised the price target on the stock to $2,150 from $2,000 and kept a Buy rating, underlining that driven by growing AI and VMWare contributions, Broadcom was transforming to a growth from a value stock. The advisory further stated that traditional semis/software could have an annual growth rate of 13% in the next two years.