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Home » Broadcom, AMD Lead Chip Stocks Higher Monday on Anticipation of AI-Driven Gains
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Broadcom, AMD Lead Chip Stocks Higher Monday on Anticipation of AI-Driven Gains

MNK NewsBy MNK NewsDecember 24, 2024No Comments2 Mins Read
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Justin Sullivan / Staff / Getty Images

Justin Sullivan / Staff / Getty Images

  • Chip stocks surged Monday, led by Broadcom and Advanced Micro Devices following bullish calls from analysts anticipating gains driven by demand for artificial intelligence (AI).

  • UBS analysts raised their price target for Broadcom’s stock, citing the chipmaker’s AI revenue growth.

  • Rosenblatt analysts called AMD a “top pick” for the first half of 2025, noting its growing market share and AI-driven potential.

  • Shares of other chipmakers, including Nvidia, Qualcomm, and Intel, also rose.

Chip stocks surged Monday, led by Broadcom (AVGO) and Advanced Micro Devices (AMD) following bullish calls from analysts anticipating gains driven by growing demand for artificial intelligence (AI).

Shares of Broadcom added 5.5%, leading gains on the S&P 500 after UBS analysts lifted their AI revenue estimates for the company in fiscal 2026 and 2027 by 20% and 40%, respectively. The analysts maintained a “buy” rating for the stock and raised their price target to $270 from $220, implying a 16% premium from Monday’s closing price of $232.35.

UBS is not the only firm bullish on Broadcom, with all of the 14 analysts polled by Visible Alpha holding a “buy” or equivalent rating for the stock. However, their average price target is a bit lower at $249, suggesting 7% upside. Broadcom shares have already more than doubled in value this year.

Meanwhile, AMD shares jumped 4.5% to $124.60 Monday after analysts at Rosenblatt called it a “top pick” for the first half of 2025, noting its growing market share and AI-driven potential, as well as its likelihood to benefit from a “broader non-AI recovery exiting 2025.” They maintained a “buy” rating and price target of $250 for the stock, above the average of around $185 compiled by Visible Alpha. Despite Monday’s gains, AMD shares have lost about 15% in 2024.

Shares of other chipmakers, including Nvidia (NVDA), Qualcomm (QCOM), and Intel (INTC), also rose Monday, with the PHLX Semiconductor Index (SOX) climbing about 3%.

Read the original article on Investopedia



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