Coatue’s 35 Most Important AI Stocks

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8. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 128

Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor infrastructure software solutions. The report for the third quarter of 2024 shows a promising picture of the company’s financial growth. As per the report, the company reported revenue of $14,054 million, increasing 51% from the prior year period, GAAP net income of $4,324 million, and non-GAAP net income of $6,965 million. This demonstrates the company’s exceptional growth in revenue and operational efficiency. The company has also raised its AI revenue outlook to $12 billion, up from the previous estimate of $11 billion. The company’s strong partnership with tech giants like Meta, Google, and ByteDance shows its commitment to integrating AI and advancing AI technologies. These collaborations aim to develop customer processors optimized for AI workloads, positioning Broadcom as a key player in the AI hardware ecosystem.

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