Broadcom became the eighth U.S. tech company to eclipse $1 trillion in market cap on Friday after the stock's record gain.
"You have to be a Google, you have to be a Meta, you have to be a Microsoft or an Oracle to be able to use those chips," said Harsh Kumar, an analyst at Piper Sandler.
That drove an overall increase in revenue of 51% to $14.05 billion. Broadcom's infrastructure software division generated $5.82 billion in revenue for the quarter, nearly tripling from last year's $1.97 billion, a number that included a big boost from VMware., whose graphics processing units are being used to power the training and running of the most powerful AI models. Nvidia's market cap has swelled by over 170% this year to $3.
The company's market cap topped $100 billion in 2018, at which point wired infrastructure was still the primary source of revenue. Broadcom changed its financial reporting in late 2019 to focus on semiconductor solutions and infrastructure software, with the former accounting for about 73% of revenue in
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