{"id":15931,"date":"2023-05-30T21:15:58","date_gmt":"2023-05-31T01:15:58","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/broadcom-stock-powers-toward-new-record-as-analyst-sees-accelerating-google-ai-orders\/"},"modified":"2023-05-30T21:15:59","modified_gmt":"2023-05-31T01:15:59","slug":"broadcom-stock-powers-toward-new-record-as-analyst-sees-accelerating-google-ai-orders","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15931","title":{"rendered":"Broadcom stock powers toward new record as analyst sees \u2018accelerating\u2019 Google AI orders"},"content":{"rendered":"
\n

Broadcom Inc.\u2019s shares were poised to again close in record territory amid building enthusiasm for the company\u2019s opportunities in artificial intelligence from analysts.<\/p>\n

On Tuesday, JPMorgan analyst Harlan Sur wrote that the company\u2019s custom-chip business appeared to be seeing \u201caccelerating orders from Google for its advanced AI processor chip called TPU\u201d in a sign of further momentum for the semiconductor company.<\/p>\n

See also: Nvidia\u2019s stock closes in on $1 trillion territory as latest products show move to extend dominance<\/strong><\/p>\n

\n

Sur noted that Broadcom
\n AVGO,
\n -1.16%<\/bg-quote>
\n expects to do $3 billion in revenue from total cloud custom chip (ASIC) shipments this year, which would already be ahead of the $2 billion it saw last year. <\/p>\n

But he thought the company\u2019s expectations may prove too conservative as the \u201crecent order acceleration from Google for its TPU AI processors implies that Google\u2019s TPU processor program alone could drive $3B in revenues and implying upside to management\u2019s prior cloud ASIC revenue target this year.\u201d<\/p>\n

What\u2019s more, TPU shipments from Google, which is part of Alphabet Inc.
\n GOOG,
\n -0.63%<\/bg-quote><\/p>\n

GOOGL,
\n -0.75%<\/bg-quote>,<\/span>
\n could drive upwards of $4 billion in revenue next year, Sur continued. <\/p>\n

Google and Broadcom didn\u2019t immediately respond to a MarketWatch request for comment on JPMorgan\u2019s discussion of \u201caccelerating\u201d orders. <\/p>\n

Broadcom \u201cshould be a strong beneficiary of the trends towards more custom chip designs as large cloud titans\/OEMs look to drive more performance\/power\/cost\/differentiation alongside their software frameworks,\u201d Sur wrote.<\/p>\n

Sur did not have a rating on Broadcom\u2019s stock.<\/p>\n

Read: From McDonald\u2019s to Morgan Stanley, UBS says these stocks are favorably positioned for AI.<\/strong><\/p>\n

The stock was up 7.4% in morning trading Tuesday in the wake of an 11.5% Friday rally that marked the name\u2019s biggest one-day percentage gain in upwards of three years. <\/p>\n

Beyond Google, Broadcom has seen recent traction with Apple Inc.
\n AAPL,
\n +1.07%<\/bg-quote>,<\/span>
\n which announced earlier in May that it struck a \u201cmultiyear, multibillion-dollar agreement\u201d with the chip company through which Broadcom will develop 5G radio frequency components.<\/p>\n

Evercore ISI analyst C.J. Muse expects \u201cgenerative AI green shoots\u201d to help \u201ccounterbalance clear signs of deterioration across several of AVGO\u2019s key end markets\u201d including wireless, storage and broadband. <\/p>\n

He boosted his price target to $850 from $725 in a weekend note to clients, while keeping an outperform rating.<\/p>\n

Broadcom is due to report fiscal second-quarter results June 1.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Broadcom Inc.\u2019s shares were poised to again close in record territory amid building enthusiasm for the company\u2019s opportunities in artificial intelligence from analysts. On Tuesday, JPMorgan analyst Harlan Sur wrote that the company\u2019s custom-chip business appeared to be seeing \u201caccelerating orders from Google for its advanced AI processor chip called TPU\u201d in a sign of […]<\/p>\n","protected":false},"author":1,"featured_media":15932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-15931","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBroadcom stock powers toward new record as analyst sees \u2018accelerating\u2019 Google AI orders | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Broadcom Inc.\u2019s shares were poised to again close in record territory amid building enthusiasm for the company\u2019s opportunities in artificial intelligence\" \/>\n<meta name=\"robots\" content=\"index, follow, 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