-- Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, rallied in late trading after its latest results and annual forecast topped estimates, lifted by robust demand for artificial intelligence products.EU to Slap Tariffs of Up to 48% on EV Imports From China
“Broadcom’s second-quarter results were once again driven by AI demand and VMware,” he said in the statement. Revenue from AI products alone reached a record $3.1 billion in the period, Tan said. Broadcom’s semiconductor division had revenue of $7.2 billion in the three months ended May 5. That compares with an average estimate of $7.12 billion, according to data compiled by Bloomberg. Infrastructure software sales were $5.29 billion, beating a prediction of $4.93 billion.
Apple is a top customer: Broadcom provides key components for the iPhone. During earnings calls, Tan typically gives updates on Broadcom’s often-contentious relationship with that company, though he refers to it obliquely as his “North American customer” or another vague description. Stock market today: S&P 500, Nasdaq soar to fresh records after inflation cools and Fed sees improving outlook
The Dow Jones Industrial Average could not hold onto this morning's massive gains as it falls into the red ahead of Wednesday's close. On the other hand, the S&P 500 and the Nasdaq Composite pulled off another bout of record highs coming off May's CPI data and the Federal Reserve's interest rate hold.