Jim Cramer Linked Broadcom (AVGO) & Computer Storage Stocks

We recently published 17 Stocks Jim Cramer Talked About.  Broadcom Inc. (NASDAQ:AVGO) is one of the stocks that Jim Cramer talked about.

Broadcom Inc. (NASDAQ:AVGO) is a semiconductor designer and enterprise software provider. Its shares are up by 42% over the past year and down by 6.5% year-to-date. DA Davidson initiated coverage on the stock in February. It set a $335 share price target and a Neutral rating. The financial firm outlined that while Broadcom Inc. (NASDAQ:AVGO) does face tailwinds from the demand for AI chips, the firm could experience limited growth in the market for application-specific integrated circuits (ASICs). ASICs are commonly known as custom AI chips, and Broadcom Inc. (NASDAQ:AVGO) is among the handful of players that operate in this market. Jefferies also discussed the shares in February. It kept a Buy rating and a $500 share price target and pointed out that the chip company is a strong player in the AI and networking industries. Cramer’s previous comments about Broadcom Inc. (NASDAQ:AVGO) have focused on the firm’s CEO, Hock Tan. In this appearance, he discussed the stock in relation to storage device manufacturers:

Jim Cramer Linked Broadcom (AVGO) & Computer Storage Stocks

“But if the shortage stocks, like Micron, Western Digital, Seagate, Sandisk, if the shortage stocks come down then what’s going to happen is you’re going to see a rally in Broadcom, you’re going to see a rally in. . .NVIDIA, and you’re going to see a rally in AMD.”

While we acknowledge the risk and potential of AVGO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AVGO and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.