Savvy Trades and Investments

[researcher59]

AVGO is leading the SOX higher -

briefing -

Broadcom breaking out to new all-time highs and taking other chip stocks higher along with it; company reported upside Q4 earnings on Friday and guided for FY24 revenue of approximately $50 bln (1012.02 +67.72)

In the core semiconductor solutions segment, AVGO's Q4 revenue increased by 5% to $6.9 bln with CEO Hock Tan commenting that demand was driven by next generation networking technologies as hyperscalers scale out their AI clusters within data centers. AVGO's semiconductor solutions segment lapped very strong growth of 32% in the year-earlier quarter.
AVGO closed on its acquisition of VMWare on November 22, substantially bolstering the cloud software piece of its business. VMW is expected to add about $15 bln in revenue in FY24.
Semiconductor stocks are a notable area of strength today, but SemiCap stocks in particular are standing out with KLA Corp (KLAC), Lam Research (LRCX), and Applied Materials (AMAT) among some of the strongest names in the chip space.