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Semiconductor Shares Rise. Broadcom Soars 22%; Marvell Jumps 10%; Micron Gains 5%

Tiger Newspress

56 minutes ago

Semiconductor shares rose in Friday trading. Broadcom soared 22%; Marvell, SOXL jumped 10%; Micron rose 5%; Arm, TSMC rose 4%; Nvidia rose 1%.

Broadcom forecast quarterly revenue above Wall Street estimates on Thursday and predicted booming demand for its custom artificial intelligence chips in the next few years.

CEO Hock Tan told investors on a conference call he expects a revenue opportunity from AI in the range of $60 billion to $90 billion in fiscal 2027.

Tan indicated three "hyperscale" customers are likely to deploy millions of AI chip clusters at the time.

Big tech has been vying to reduce its dependence of pricey, supply-constrained AI processors made by front-runner NVIDIA Corp, helping Broadcom which makes advanced custom artificial intelligence chips for so-called hyperscalers.

Demand for Broadcom's networking chips that help move around vast amounts of data used by applications such as OpenAI's ChatGPT has also increased, as businesses double down on 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," said eMarketer analyst Jacob Bourne.

The company forecast revenue of about $14.6 billion for the first quarter, compared with analysts' average estimate of $14.57 billion according to data compiled by LSEG.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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