Tech conglomerate Broadcom
raised its annual revenue forecast on Wednesday, betting on
higher demand for its networking equipment and custom chips from
businesses investing in artificial intelligence.
Chipmaker Broadcom Raises Annual Revenue Forecast, Unveils Stock Split
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Chipmaker Broadcom raises annual revenue forecast, unveils stock split
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The company will carry out a 10-for-1 forward stock split, in a bid to make its shares more affordable for retail investors. Broadcom manufactures advanced networking chips that help move around vast amount of data used by AI applications such as OpenAI's ChatGPT, making it one of the beneficiaries of businesses heavily investing in the booming technology. Broadcom recorded revenue of $3.1 billion from AI products during the second quarter.