Broadcom (AVGO) shares surged in extended trading Thursday after the chipmaker reported better-than-expected earnings and issued a rosy outlook amid robust AI-driven sales growth.
The company said its fiscal 2024 AI revenue more than tripled, driven by its AI XPUs and Ethernet networking portfolio. After-hours gains accelerated after CEO Hock Tan told analysts on the company’s earnings call that he anticipates significant AI opportunities over the next three years, adding that he sees accelerators and networking sales in fiscal 2027 ranging between $60 billion and $90 billion.
Through Thursday’s close, Broadcom shares had gained 64% since the start of the year. The stock rose 14% to around $206 in extended trading.
Below, we break down the technicals on Broadcom’s weekly chart and identify key price levels worth watching out for.
Broadcom shares have consolidated within an ascending triangle since mid June, a chart pattern that signals a continuation of the stock’s longer-term uptrend.
Indeed, the price sits poised to break …