TECH - Broadcom Rises As Top AI Chip Supplier After Nvidia Thanks To Google And Meta Partnerships: Analyst | Benzinga
Key custom chip (ASIC) market player Broadcom Inc (NASDAQ:AVGO) has gained over 77% in the last 12 months thanks to the generative AI frenzy.
The chipmaker now has a market cap of roughly $655 billion.
According to JPMorgan analyst Harlan Sur, Broadcom remains the global No. 2 AI semiconductor supplier behind Nvidia Corp (NASDAQ:NVDA). The analyst reiterated an Overweight rating on Broadcom with a price target of $1,700.
It is the top market share leader with ~55-60% share in custom (ASIC) chip designs. As per the analyst, the market has a $20 billion — $30 billion market opportunity growing at a 20%+ CAGR.
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Deals With Alphabet, Meta
Broadcom expects $11 billion in AI-related revenues ...