Semiconductor giant Broadcom is seeing a slight increase in share price amid a general technology downturn. The stock was trading at EUR 143.74 on August 30, 2024, up 0.36% from the previous day. Despite a monthly loss of 4.78%, the share price is still 50.09% above the 52-week low, but 22.24% below the annual high. With a market capitalization of EUR 660.1 billion, Broadcom remains a heavyweight in the technology sector.
Strong position in the AI market
Broadcom has recently had significant success in the field of artificial intelligence, securing multi-year contracts for AI ASICs (application-specific integrated circuits) with notable customers such as OpenAI and Google. These developments position Broadcom well for the growing AI market, which could reach a volume of $150 billion by 2026. With quarterly earnings coming up on September 5, investors remain eager for further insights into the company’s business performance and future prospects.
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