The AI economy is minting new royalty in American business—and Nvidia is not the only one wearing a crown. Fellow chipmaker Broadcom has also become one of Wall Street’s hottest stocks, and shares soared nearly 20% Friday after CEO Hock Tan told investors on the company’s quarterly earnings call that its AI business is only starting to explode.
The latest stock surge saw Broadcom’s market cap climb above $1 trillion, making it just the ninth U.S. public company to reach the milestone. The only other companies that currently sport 13-figure valuations are the tech giants of the so-called “Magnificent Seven,” which are also major customers of the semiconductor giant. (In fact, Broadcom technically kicked Tesla out of the group in the fall, though the EV maker’s post-election rally has seen Elon Musk’s company regain its status.)
