BofA raised the firm’s price target on Broadcom (AVGO) to $400 from $300 and keeps a Buy rating on the shares. Broadcom ‘s custom AI chip line-up continues to build with a fourth large customer, which media reports indicate to be OpenAI, likely joining the current roster of Google (GOOGL), Meta (META) and ByteDance. While the firm would agree that Broadcom is taking more share, it also believes “the AI pie could just be getting bigger,” in-line with Nvidia’s (NVDA) commentary.
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