Broadcom expects AI business to continue to grow

Thanks to the excellent performance of its AI business, Broadcom's market value has risen by 30% since the beginning of 2024 to more than $730 billion. The company expects that the growth of its AI business in fiscal 2024 will offset the cyclical weakness of broadband and server storage, achieving mid-to-high single-digit growth. It is expected that the semiconductor business will reach $30 billion and AI-related revenue will exceed $10 billion during the year.