Broadcom shares rise as AI growth powers strong guidance

Broadcom shares climbed about 5% after the company posted strong first-quarter earnings and guidance that signaled ongoing artificial intelligence demand.

The chipmaker posted adjusted earnings of $1.60 per share on $14.92 billion in revenue. That surpassed the adjusted earnings of $1.49 per share and $14.61 billion in revenue expected by analysts polled by LSEG. Revenues rose 25% from $11.96 billion a year ago.

Bank of…