Broadcom Inc. (NASDAQ:AVGO) is poised for explosive growth, with its momentum ranking surging in the latest Benzinga Edge Stock Rankings report amid an AI-fueled partnership with OpenAI.
Check out AVGO’s stock price here.
AVGO Is Ready For A Breakout With Stellar Momentum Gains
The jump to the 92.16th percentile score in AVGO’s momentum ranking signifies a surge in its relative price strength and volatility across timeframes, as described in the momentum percentile report. This also catapulted AVGO into the top 10th percentile of stocks, signaling a robust upward trajectory.
Shares, trading around $350, now eye a $400 breakout as Wall Street analyst Deutsche Bank analyst Ross Seymore raising its price target from $350 to $400, while maintaining a ‘buy’ rating.
What Fueled AVGO’s Jump In The Top Decile Of Momentum Gains?
A blockbuster collaboration announced last week, on Oct. 13, between Broadcom and OpenAI, stated that the two firms will co-develop 10 gigawatts of custom AI accelerators, scaled with Broadcom’s Ethernet connectivity solutions to meet exploding global AI demand.
“This signifies a pivotal moment in pursuing artificial general intelligence,” declared CEO Hock Tan, praising OpenAI’s ChatGPT-era leadership. The term sheet paves the way for racks integrating hardware and networking, advancing OpenAI’s mission to democratize AGI benefits.
In a CNBC interview, Tan doubled down, projecting AI could swell global GDP by $10 trillion annually—from 30% to 40% of the $110 trillion economy—via knowledge-intensive industries.
Historically reliant on commodity networking and storage chips, AVGO’s pivot to software-enabled Application-Specific Integrated Circuits (ASICs) positions it as an overlooked AI beneficiary, beyond flashy GPU plays.
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What Do Other Rankings Say About AVGO?
AVGO ended 1.36% lower on Friday at $349.33 per share. It has gained 50.59% on a year-to-date basis and 94.08% over the year.
Benzinga rankings underscore the bullish setup for Broadcom as AVGO’s quality score at 91.55 reflects stellar operational efficiency and financial health versus peers, while growth at the 34.51th percentile highlights earnings and revenue expansion.
Price trends show green lights across short, medium, and long horizons, with value a poor value ranking at 5.57. Additional performance details are available here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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