Broadcom, AI chip sales
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The semiconductor trade is losing steam following Broadcom’s earnings report.
Broadcom is likely one of the most highly rated stocks on Wall Street, with more than 93% of analysts covering the stock rating it a buy or strong buy. After the company's robust financial report this week, the stock plunged, but a broad cross-section of Wall Street's finest released bullish missives about Broadcom, and there's a recurring theme.
Shares of Micron Technology (NASDAQ:MU | MU Price Prediction) are down by about 7% to $1,004 in mid-morning trading on Thursday, June 4, after Broadcom (NASDAQ:AVGO) delivered an AI chip outlook that markets viewed as underwhelming.
Broadcom's returns have outpaced Nvidia's in recent months.