Broadcom stock pops on AI chip–driven Q1 earnings beat

Broadcom (AVGO) shares jump in extended-hours trading after the chipmaker reported first quarter results that beat on top and bottom lines, driven by artificial intelligence (AI) chip sales. The move higher offers some relief as other chipmakers, like Marvell Technology (MRVL) and Nvidia (NVDA) closed Thursday’s session in the red.

Adjusted earnings per share (EPS) came in at $1.60, higher than $1.50 Wall Street estimates, while adjusted net revenue sat at $14.92 billion, higher than…