13 Best Stocks to Invest In According to Billionaire Ken Griffin

7. Broadcom Inc. (NASDAQ:AVGO)

Citadel’s Stake: $1 billion 

Broadcom Inc. (NASDAQ:AVGO) is one of the most important players in the current AI industry due to its ability to design custom AI chips called ASICs. The shares are up by 60% over the past year and by 13% year-to-date. However, since June 3rd, Broadcom Inc. (NASDAQ:AVGO)’s stock is down by 18%. On the 3rd, the firm reported its latest earnings, which saw it post a 48% revenue jump and a 52% operating income growth. However, Broadcom Inc. (NASDAQ:AVGO) also failed to raise its revenue from AI chips. Erste Group discussed the firm’s shares on June 5th, as per The Fly. It upgraded the rating to Buy from Hold and outlined that Broadcom Inc. (NASDAQ:AVGO)  was growing faster compared to its peers. On the same day, Benchmark raised the share price target to $545 from $485 and kept a Buy rating on the stock as it complained about excessively optimistic market AI expectations.

CNBC’s Jim Cramer discussed the earnings on Mad Money aired on June 4th. Here is what he said:

“… The disappointing earnings may not be as crushing as we think. This is not the first time that Broadcom, which by the way, is a gigantic company, has offered a measured forecast only to crush the numbers next quarter. The stock had gone parabolic into the quarter, and as we told CNBC Investing Club members when we sold some stock ahead of this quarter this week, a parabola is never a good sign.

Plus, when we speak with George Kurtz, the CEO of CrowdStrike tonight, I think we’re going to get a much better sense of how well the cybersecurity company’s doing. And the notion of an earnings or a forecast disappointment, it may be misplaced… The disappointments really weren’t all that disappointing.”