Broadcom and Taiwan Semiconductor Manufacturing have joined the $1 trillion market cap club, driven by strong momentum in artificial intelligence. Broadcom's stock soared over 40% in the first half of 2024, bolstered by analysts' upgrades, a stock split in July, and CEO Hock Tan's bullish AI outlook. TSMC surged nearly 70% in the same period, supported by robust results and increasing demand from AI innovators, including key customer Nvidia. Analysts favor both stocks, but Wall Street sees a 13% upside for TSMC compared to Broadcom's current price exceeding targets.
Category
🗞
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Broadcom and Taiwan Semiconductor Manufacturing have joined the $1 trillion market cap club,
00:08driven by strong momentum in artificial intelligence. Broadcom's stock soared over
00:1240% in the first half of 2024, bolstered by analyst upgrades, a stock split in July,
00:18and CEO Hock Tan's bullish AI outlook. TSMC surged nearly 70% in the same period,
00:25supported by robust results and increasing demand from AI innovators,
00:28including key customer NVIDIA. Analysts favor both stocks, but Wall Street sees a 13% upside
00:35for TSMC compared to Broadcom's current price-exceeding targets.