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Broadcom Stock Pops as Earnings and Outlook Beat Expectations on Strong Demand for Custom Artificial Intelligence (AI) Chips

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Summary
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81% Informative

Shares of Broadcom (NASDAQ: AVGO ) gained 12.8% in after-hours trading.

The semiconductor and infrastructure software maker beat Wall Street expectations.

CEO Hock Tan shared news about the company's custom artificial intelligence chip business.

Broadcom's November 2023 acquisition of VMware drove the revenue growth of the infrastructure software segment.

Broadcom turned in a strong report, and the information management shared on the earnings call is bullish for the company's future AI-powered growth.

In the earnings statement, Tan said the company expects " AI semiconductor revenue of $4.4 billion in Q2 ".

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