Broadcom becoming 'second best story' in AI, behind Nvidia

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Broadcom News

Stacy Rasgon

Broadcom (AVGO) shares are lifting off Thursday morning after reporting more-than-promising fiscal second-quarter earnings results, revenue of $12.49 billion...

, revenue of $12.49 billion and adjusted earnings of $10.96 per share . The chip designer also announced a 10-for-1 stock split, which will begin trading publicly at its adjusted price starting Monday, July 15.

Bernstein Managing Director and Senior Analyst Stacy Rasgon has raised his price target on Broadcom to $1,950 per share while maintaining an Outperform rating on the chip company. He tells The Morning Brief that Broadcom has"the second best AI story in the space" — second to Nvidia -- The GameStop Corp. calls that Keith Gill — known online as ‘Roaring Kitty’ — purported to own traded huge volumes late Wednesday as the firm’s shares dove in the final stretch of trading.

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