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Broadcom shares slump as revenue target disappoints investors hoping for big AI boost

Channel News Asia LogoChannel News Asia4h ago

Broadcom shares slump as revenue target disappoints investors hoping for big AI boost - Channel News Asia

Quick Summary:

Broadcom's shares slid about 9 per cent in premarket trading on Friday, after the chipmaker's revenue forecast spooked investors betting on robust demand for AI chips to drive strong growth.

The company's shares were valued at 25.6 times forward earnings expectations compared to 29.6 for AI chip giant Nvidia and 36.07 for AI networking equipment maker Arista Networks.

Big Tech firms such as Alphabet's Google and Microsoft have vowed to continue spending on AI as they try to generate revenue off their AI tools through subscriptions and higher-priced tiers of their software.


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Article Details

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-06 @ 19:41:10 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 465 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22391305

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About Channel News Asia

Channel News Asia Logo

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 66 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 1 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #27

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