Top 10 AI Stocks Dominating the Market Right Now

5. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 161

Broadcom Inc. (NASDAQ:AVGO) is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets. On March 6, Piper Sandler analyst Harsh Kumar reiterated a “Buy” rating on the stock with a price target of $250.00. The firm issued the rating after Broadcom’s impressive quarterly results, which surpassed expectations marked by significant revenue from its XPU and AI-related networking segments.

Broadcom has also been collaborating with additional customers on custom ASIC solutions, which has been expanding market opportunities and contributing to revenue growth. The enterprise software segment has further demonstrated robust growth, and the move to subscription licenses has also enhanced its revenue model. Moreover, the company generates substantial free cash flow, representing 40% of its revenue, reflecting upon its financial strength.