Broadcom is on track to surpass Eli Lilly as the eighth largest American company by market value, with Broadcom’s market value at $841.9 billion compared to Lilly’s $844 billion. Broadcom has seen significant growth during its current seven-day winning streak, adding $185 billion in market value, comparable to McDonald’s market value of $182 billion. The semiconductor and software company has experienced a surge after reporting better than expected financial results and announcing a 10-for-1 stock split on June 12. Following this announcement, Broadcom’s market value crossed the $700 billion mark for the first time and then surpassed $800 billion the next day.
Broadcom’s stock continued to rise, closing at $1,807.03, up 4.2% on Monday, while the S&P 500 gained 0.4%. The increased interest in Broadcom’s stock is attributed to the growing demand for artificial intelligence technologies. CEO Hock Tan highlighted the company’s strong performance in AI products, generating a record $3.1 billion in revenue during the quarter.
This year, Broadcom shares have surged by 62%, outperforming Lilly’s 52% gain, driven by strong demand for their weight loss medications. The company’s success in the AI sector has captured Wall Street’s attention, contributing to its impressive market value growth. Finally, investors are closely monitoring Broadcom as it aims to solidify its position as one of the top American companies in terms of market value.
For further information, contact Emily Dattilo at emily.dattilo@dowjones.com.
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