Why Broadcom Shares Are Climbing Today

Shares of Chip Gaint Broadcom (NASDAQ:AVGO) saw about a 3% surge on Wednesday afternoon after investment firm Daiwa Securities upgraded its rating to Buy, citing the chip maker’s strong positioning in artificial intelligence.

Daiwa highlighted several growth drivers, including a robust application-specific integrated circuit and XPU business. The firm noted an expansion of core customers from three to seven. It explained that specialized ASIC processors offer cost and power…