Broadcom Inc. (NASDAQ:AVGO) is gaining market share in the AI-chip space as more tech giants look to obtain fewer of their AI chips from Nvidia Corporation (NASDAQ:NVDA) by making their own semiconductors, Gil Luria of investment bank DA Davidson said on CNBC recently.
Luria is the Head of Technology Research at DA Davidson.
A technician working at a magnified microscope, developing a new integrated circuit.
Many Companies Are Looking to Move Away From NVDA
With Broadcom Inc.’s help, Amazon.com (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOG) are increasing the production of their own AI chips, Luria said. Meanwhile, Tesla, Inc. (NASDAQ:TSLA), Meta Platforms, Inc. (NASDAQ:META), and Microsoft Corporation (NASDAQ:MSFT) are evaluating AI chips that they’ve developed and are attempting to produce more of them, the researcher noted.
“Broadcom Inc. has an opportunity to grow its (market) share (further) as it helps other companies make their own chips,” Luria contended.
The Recent Price Action of Broadcom Inc. (NASDAQ:AVGO)
In the last month, the shares have climbed 22%, while they have advanced 11% in the last three months.
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This article is originally published at Insider Monkey.
