One analyst noted that the type of AI chip Broadcom makes could pick up market share relative to “costly” graphics processing units.

Shares of Broadcom soared 14% on Friday, with the chipmaker moving closer to $1 trillion in market value after it forecast that demand for its custom AI chips would keep rising in the coming years. The company was on track to add around $120 billion to its market value of $843 billion,

Investing.com - Broadcom on Thursday delivered upbeat revenue guidance for the current quarter and forecasted booming demand for its custom AI chips in the next few years, sending its shares soaring in extended trading.

Wall Street's main indexes rose on Friday with Nasdaq outperforming after an upbeat forecast from Broadcom kept alive the euphoria around artificial intelligence and lifted chip stocks. Broadcom forecast quarterly revenue above Wall Street estimates and predicted booming demand for its custom AI chips in the next few years,

U.S. stocks on Friday opened higher, led by the tech-heavy Nasdaq Composite (COMP:IND) which received a boost from a post-earnings jump in Broadcom (AVGO). Minutes after the starting bell, the Nasdaq (COMP:IND) was +0.

U.S. stock index futures rose on Friday, with those linked to the tech-heavy Nasdaq 100 in the lead, after an upbeat forecast from chipmaker Broadcom kept alive the