Broadcom shares soared 20 per cent in Wall Street trading, sending its market value to $1tn after the chipmaker posted huge gains in artificial intelligence revenues and projected “massive” growth in the field.
The sharp rally in shares of the US-based group came after it said late on Thursday that its AI revenues surged 220 per cent in its 2024 fiscal year.
“We see our opportunity over the next three years in AI as massive,” Hock Tan, its chief executive, told analysts, discussing the investing plans of its biggest customers. “For each of them, this represents a multiyear, not a quarter-to-quarter journey.”
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