Broadcom AVGO becomes the best performing stock in the S&P 500, up 20% in a week

Broadcom (AVGO) shares soared 20% in the past week, hitting record highs after its third-quarter revenue and earnings exceeded expectations. The company announced it had received $10 billion in artificial intelligence orders for OpenAI, boosting investor confidence. AI revenue jumped 63% in the third quarter to $5.2 billion, and is expected to reach $6.2 billion in the quarter. Analysts remain divided over Broadcom’s target price, ranging from $300 to $400, while the stock trades at $345.65. Broadcom's market capitalization is currently at $1.6 trillion, driven by strong demand for artificial intelligence and successful integration of VMware.