Up 17% in 2024, How High Can Broadcom Stock Rise This Year?

Broadcom (AVGO) stock is killing it in 2024, with the shares managing to strike a neat balance between broad-market outperformance and the “bubble” warnings that have started to plague some of its peers in the artificial intelligence (AI) space. The company's stock has already gained more than 17% so far this year, leaving the 10% advance of the S&P 500 Index ($SPX) in the dust. 

This strong performance is no surprise, given the massive boom in AI, coupled with Broadcom's prime position to cash in on the trend. The company supplies both the hardware and software that's powering the latest AI apps - and in Broadcom's recent "Enabling AI Infrastructure" investor meeting, management showcased its cutting-edge AI solutions and announced a new custom ASIC (XPU) customer.