Why Broadcom Stock Soared 44% in December
Shares of the semiconductor company Broadcom (NASDAQ: AVGO) soared last month after the company’s fourth-quarter financial results surpassed Wall Street’s expectations. Broadcom is a leader in application-specific integrated circuits (ASICs) used in artificial intelligence (AI) data center infrastructure. That’s just the long way of saying its chips are used for AI processing.
Broadcom’s shares jumped by 43% in December, according to data provided by S&P Global Market Intelligence, as investors cheered the company’s top- and bottom-line results in the quarter.
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