12 Trending AI Stocks on Wall Street

4. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 183

Broadcom Inc. (NASDAQ:AVGO) is one of the 12 Trending AI Stocks on Wall Street. On December 8, HSBC analyst Frank Lee reiterated a Buy rating on the stock with a $535.00 price target. The firm believes that the Street undervalues ASIC upside ahead of the print.

Broadcom shares have rallied an estimated 15% since November 18 following Alphabet’s launch of its Gemini 3 model. The model has been completely trained on TPUs which Broadcom helps design and supply.

This is in contrast to previous models which were trained using GPUs and TPUs being used for internal workloads only. Market sentiment for Broadcom has improved as TPUs are increasingly being viewed as an alternative to GPUs.

“Though the street has raised its FY26/FY27e ASIC revenue estimates by 5%/14% since the Gemini 3 launch date, our ASIC revenue estimates (unchanged) remain 38%/40% above the street. Given the improving ASIC momentum, we believe management is likely to raise its ASIC revenue guidance again at its 4QFY25 earnings call.”

Broadcom is a technology company uniquely positioned in the AI revolution owing to its custom chip offerings and networking assets.