The chipmakers powering the artificial intelligence revolution have become stock market darlings. And while Nvidia is, thus far, the undisputed winner of the chip wars, it soon could be facing a robust challenger.
Broadcom, an American semiconductor manufacturer, announced a 10-to-1 stock split and better-than-expected earnings in its second-quarter earnings report on Wednesday. In the report, Broadcom also projected $51 billion in sales for the 2024 fiscal year, slightly higher than anticipated. Shares soared that day in after-hours trading and were going for about $1,740 around 3 p.m. ET on Friday—about 16% higher than their Wednesday opening price near $1,500.
