Broadcom stock up on AI chip launch and strong quarterly earnings

Broadcom Inc. shares rose about 2% intraday, hitting $376.21 before settling near $372.45. The semiconductor maker reported quarterly earnings of $2.44 per share, beating analysts’ consensus of $2.40, and generated $22.19 billion in revenue, up 47.9% year‑over‑year. The results highlighted the company’s partnership with OpenAI, which produced the custom AI accelerator “Jalapeño” slated for deployment in late 2026, underscoring Broadcom’s expanding role in AI‑focused chip design.

The firm announced a quarterly dividend of $0.65 per share, payable on June 30, with a 0.7% yield. Institutional investors added to their Broadcom positions: Financial Enhancement Group LLC increased its stake to 40,902 shares valued at $12.66 million (1.6% of its portfolio), while other funds also reported modest purchases. Analysts upgraded price targets, with several setting new highs around $530 per share.