US Stock Market Move | Broadcom Inc. (AVGO.US) rises 5% in pre-market trading, AI chip revenue expected to exceed $100 billion next year.

On Thursday, Broadcom Inc. (AVGO.US) rose 5% in pre-market trading, hitting $333.35. The financial report showed that in the first fiscal quarter ending February 1, Broadcom Inc. revenue increased by 29% year-on-year to $19.3 billion, exceeding market expectations of $19.2 billion; adjusted earnings per share were $2.05, higher than the market's expectation of $2.03. Revenue from AI-related sales for the quarter doubled to $8.4 billion, growing significantly faster than the company's previous expectations. Q1 semiconductor solutions revenue, including AI ASIC and smartphone RF chip sales, reached as high as $12.515 billion, a massive 52% year-on-year growth. Additionally, Broadcom Inc. expects revenue of around $22 billion in the second fiscal quarter ending May 3, indicating a potential year-on-year increase of about 47%, significantly higher than the market expectation of approximately $20.5 billion. The most significant news is that Broadcom Inc.'s CEO stated that revenue from "AI chips" related to AI ASICs is expected to exceed $100 billion next year.