Broadcom (AVGO) Expected to See Growth in Custom Chip Business

Morgan Stanley has issued an “Overweight” rating for Broadcom (AVGO, Financial), anticipating a turning point in the growth rate of its custom chip business. Analyst Joseph Moore highlighted that while Broadcom has multiple business lines, its custom ASIC revenue this year will primarily be driven by Google. Although Google is a mature client, growth expectations remain moderate. Two other clients, presumed to be Meta and ByteDance, are also in mass production, but their revenue…