Top 10 AI Stocks to Watch: Latest News and Ratings

2. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 128

Broadcom Inc. (NASDAQ:AVGO) is a technology company that provides custom chip offerings and networking assets. On Thursday, December 12, the company forecast quarterly revenue above Wall Street estimates as it expects booming demand for its custom artificial intelligence chips in the next few years. The company forecast revenue of an estimated $14.6 billion for the first quarter, compared with analysts’ average estimate of $14.57 billion, as per data compiled by LSEG. According to CEO Hock Tan, the revenue opportunity from AI is in the range of $60 billion to $90 billion in fiscal 2027. He stated how three hyperscale customers are likely to deploy millions of AI chip clusters at the time. Demand for the company’s networking chips has also increased, with businesses increasing investments in GenAI infrastructure.

“Broadcom’s strong performance doesn’t come as a surprise. It’s one of several companies benefiting from AI invigorating the global semiconductor industry, with its AI revenue growing 220% this year”.

-eMarketer analyst Jacob Bourne.