Broadcom Inc. (NASDAQ: AVGO) is set for substantial growth, as highlighted in the latest Benzinga Edge Stock Rankings report, particularly due to its partnership with OpenAI. AVGO’s momentum ranking has surged to the 92.16th percentile, indicating strong relative price strength and volatility. Currently trading around $350, shares are eyeing a breakout towards $400, supported by Deutsche Bank’s analyst Ross Seymore raising the price target and maintaining a ‘buy’ rating.
This positive momentum stems from a groundbreaking collaboration with OpenAI to co-develop custom AI accelerators. Broadcom’s CEO, Hock Tan, emphasizes the potential for AI to add $10 trillion to global GDP annually. As AVGO transitions beyond traditional networking chips to software-enabled ASICs, it positions itself as a key player in the AI sector. Despite a slight dip of 1.36% on Friday, AVGO has shown impressive year-to-date gains of 50.59% and 94.08% year-over-year, reinforcing its bullish outlook.
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