AVGO - Here's Why Broadcom Stock Rose 44% in the First Half of 2024
2024-07-17 14:47:22 ET
Shares of Broadcom (NASDAQ: AVGO) climbed 43.8% in the first six months of the year, according to data provided by S&P Global Market Intelligence . Investors reacted to strong quarterly earnings driven by demand for hardware supporting artificial intelligence (AI) applications. That trend lifted several semiconductor stocks during the first half of 2024. Investors also seemed pleased with Broadcom's stock split, which was announced in June.
AI stocks have serious momentum, and semiconductors have been a popular focus for that trend in 2024. Microchip makers struggled in 2023 due to weakness in the automotive and consumer electronics markets. Many of the largest semiconductor companies struggled with weak sales volume and unit prices. Fortunately, AI software applications often require high-performance hardware to function properly, resulting in higher-than-expected demand for new-generation semiconductors.
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Here's Why Broadcom Stock Rose 44% in the First Half of 2024