Broadcom Inc (NASDAQ:AVGO) shares are trading higher Monday after the company and OpenAI announced a collaboration to deploy custom AI accelerators.
What To Know: Broadcom and OpenAI will work together to co-develop 10 gigawatts of OpenAI-designed accelerators. The racks will be scaled entirely with Ethernet and other connectivity solutions from Broadcom in an effort to meet surging global demand for AI.
“Broadcom’s collaboration with OpenAI signifies a pivotal moment in the pursuit of artificial general intelligence,” said Hock Tan, president and CEO of Broadcom.
“OpenAI has been in the forefront of the AI revolution since the ChatGPT moment, and we are thrilled to co-develop and deploy 10 gigawatts of next- generation accelerators and network systems to pave the way for the future of AI.”
Broadcom and OpenAI have signed a term sheet to deploy racks incorporating the AI accelerators and Broadcom networking solutions. The collaboration aims to help OpenAI advance its mission to ensure that artificial general intelligence benefits all of humanity.
How To Buy AVGO Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Broadcom's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
AVGO Price Action: Broadcom shares were up 9.79% at $356.42 at the time of publication on Monday, according to Benzinga Pro.
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