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Nvidia’s stock misses out on the big chip rally after Broadcom earnings

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Broadcom shares had a record one-day rally, rising more than 24% , and the PHLX Semiconductor Index gained 3.4% .

Shares of Nvidia Corp. and AMD were both down and were the two biggest laggards in that chip index.

Analyst Jordan Klein thinks Wall Street may be looking ahead and wondering if large tech players like Meta Platforms Inc. and Alphabet Inc. will “want and need more ASIC compute for [generative-AI] apps and workloads”.