Jun. 22 at 6:52 PM
$AVGO $NVDA $META
Broadcom Rising On AI Initiatives
-- BY MATTHEW GALGANI INVESTOR’S BUSINESS DAILY
Outshining Magnificent Seven stocks Nvidia (NVDA) and Meta Platforms (META), artificial intelligence powerhouse Broadcom (AVGO) dominated the latest list of new buys by the best mutual funds. Broadcom raked in
$24.49 billion from these leading money managers.
The investment dwarfed the still-impressive sums poured into Meta (
$7.15 billion) and Nvidia (
$5.26 billion). Boosted by that institutional demand, Broadcom has etched a breakout and remains in buy range. The AI-chip maker also earns a spot on IBD Leaderboard. Nvidia is on the Leaderboard watchlist. A global powerhouse in AI semiconductors, Broadcom works across a wide range of industries.
From data centers and cybersecurity to financial services and automotive solutions, Broadcom is instrumental in fostering today’s AI infrastructure. Just this month, the semiconductor designer has launched multiple new initiatives. Broadcom, which owns VMware, announced the general availability of VMware Cloud Foundation 9.0, a platform for the modern private cloud.
It also shipped Tomahawk 6, the world’s first 102.4 Terabits/sec of switching capacity in a single chip. Broadcom also unveiled advancements to VMware Tanzu CloudHealth with new AI-powered features like Intelligent Assist and Smart Summary. On June 3, Broadcom broke out past a 251.88 buy point just days before reporting results for fiscal third quarter.
Broadcom narrowly beat Wall Street’s targets but shares fell. Showing resilience, Broadcom has held support at its 21-day exponential moving average, closing the week just shy of buy range. In other signs of rising technical strength, the 21-day line continues to soar past the 50- day moving average, which has crossed back above the longer-term 200-day benchmark.
With a 98 Composite Rating, Broadcom stock slightly eclipses Nvidia’s score of 97.
