Broadcom (AVGO) stock rose Wednesday after the chipmaker and infrastructure software provider announced new products ahead of a big annual technology conference next week. AVGO stock notched a record high on the news.
The Palo Alto, Calif.-based company on Tuesday previewed data center gear for artificial intelligence systems that it will show at the 2024 Open Compute Project Global Summit. The OCP summit will take place in San Jose, Calif., from Oct. 15-17.
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Broadcom will highlight its AI infrastructure advancements during presentations and product demonstrations at the show.
“AI is at an inflection point in our industry that will change our lives and the way we work,” Charlie Kawwas, president of Broadcom’s Semiconductor Solutions Group, said in a written statement.
“At Broadcom, we are on the front lines of this historic moment, pushing boundaries and pioneering breakthroughs in networking and connectivity to enable open, scalable and power-efficient AI infrastructure,” he said. “We are excited to showcase our products at the OCP Global Summit in collaboration with our partners who share our vision for enabling AI.”
AVGO Stock Breaks Out
On the stock market today, AVGO stock broke out of a 17-week consolidation pattern at a buy point of 185.16, according to IBD MarketSurge charts. Broadcom stock ended the regular session up 2.9% to 185.95.
Earlier in the session, AVGO stock hit an all-time high of 186.42.
On Tuesday, Truist Securities analyst William Stein reiterated his buy rating on Broadcom stock. He also upped his price target to 205 from 204.
In a client note, Stein said he recommends AVGO stock for “AI growth, dividend momentum and M&A benefits.”
AVGO stock is on two IBD lists: Big Cap 20 and Tech Leaders.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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