By Danny Vena, CPA, The Motley Fool
Publication Date: 2026-05-05 19:06:00
Shares of Broadcom (NASDAQ: AVGO) climbed on Tuesday, rising as much as 4.1%. As of 2:43 p.m. ET, the stock was still up 3.7%.
While there was no company-specific news driving the gains, the catalyst that sent the semiconductor specialist higher was robust results from another key player in artificial intelligence (AI) — Palantir Technologies (NASDAQ: PLTR).
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Soaring demand for AI
Palantir delivered what was arguably its best quarterly financial performance ever, and investors see that as a signal that Broadcom’s stellar run could continue.
In the first quarter, Palantir generated revenue that rose 85% year over year to $1.63 billion, driving adjusted earnings per share (EPS) to $0.33, up 154%.
For…