Cisco investors aren’t the only victors from the network company’s blowout earnings on Wednesday night: Broadcom shareholders also picked up a win. Shares of Cisco surged 15% on Thursday to a new record high, after posting results and guidance that topped Wall Street’s expectations. More importantly, the report highlighted the rising demand for networking solutions tied to the AI data center buildout. Cisco said it has received $5.3 billion in artificial intelligence infrastructure and hyperscaler orders so far this year, and raised its expected orders for the fiscal year to $9 billion, up from $5 billion. Those positive vibes extended to Broadcom , which jumped more than 5% and also hit a new high. Broadcom is known for designing custom AI chips for hyperscalers such as Alphabet and Meta . But it also has a robust networking business that should benefit from this wave of AI spending. In fact, Wells Fargo analysts raised Broadcom’s price target to $545 a share from $430 Thursday,…
Shares of most artificial intelligence (AI)-related semiconductor stocks, including Taiwan Semiconductor Manufacturing (TSM -4.63%), Broadcom (AVGO -4.87%), and Marvell Technology…