Broadcom shares slump as revenue target disappoints investors hoping for big AI boost [Yahoo! Finance Canada]
Arista Networks, Inc. (ANET)
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Source: Yahoo! Finance Canada
The chip major posted big declines in revenues from its broadband and non-AI networking divisions on Thursday, offsetting a hike in its forecast for AI chip sales. Artificial intelligence-linked chips have been a bright spot for Broadcom, as data centers and Big Tech firms invest in infrastructure that can move around the hoards of data used by AI models. However, analysts said Broadcom's AI chip business could see uneven growth due to a limited number of customers spending large amounts of capital. Morgan Stanley analysts said AI revenue could be uneven, though it noted still-strong growth this year. The company's shares were valued at 25.6 times forward earnings expectations compared to 29.6 for AI chip giant Nvidia and 36.07 for AI networking equipment maker Arista Networks. Broadcom's market capitalization, should the losses persist, could drop by about $63 billion from $711 billion as of Thursday's close. Other chip stocks such as Nvidia, Advanced Micro Devices and sto
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Earnings
- 7/30/24 - Beat
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Sec Filings
- 9/10/24 - Form 4
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- 9/5/24 - Form 4
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