Broadcom Stock Is Trading Higher Monday: What's Going On?

Broadcom Inc. AVGO stock is trading higher on Monday after the company announced the launch of the latest enhancements to VMware Tanzu Cloudhealth.

The Details: Broadcom released Intelligent Assist, a generative artificial intelligence co-pilot designed to help financial operations teams better utilize the CloudHealth platform. 

The large language model-powered chatbot also allows users to generate custom reports and receive cloud-specific recommendations through natural language.

In addition, the company announced Smart Summary, a new feature that helps users quickly identify what cloud costs changed, why they changed and what actions can be taken in response.

“We are proud to officially introduce the general availability of the new CloudHealth experience at the FinOps X conference. Innovative, new AI-powered features like Intelligent Assist and Smart Summary provide users a greater ability to make sense of cloud data and reporting necessary to collaborate among teams to control cloud spend,” said Purnima Padmanabhan, general manager, Tanzu Division, Broadcom.

“This product investment not only signifies our commitment to innovation, but also to Arrow Electronics, our strategic go-to-market partner focused on bringing CloudHealth to new markets and helping to further grow this business.”

What Else: The company is expected to report second-quarter earnings on June 5 after the markets closes. Analysts estimate earnings per share of $1.56 and revenue of $14.99 billion.

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AVGO Price Action: At the time of writing, Broadcom stock is trading 2.96% higher at $249.26, according to data from Benzinga Pro.

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