Broadcom Surges to $1 Trillion Market Cap Amid Nasdaq Gains
TL;DR Summary
The Nasdaq composite hit a new record high, driven by a surge in Broadcom shares, which rose over 15% and pushed the company's market cap past $1 trillion. Other AI-related stocks like Nvidia also saw gains. However, broader market indexes like the S&P 500 and Dow Jones showed mixed performance, with small caps lagging. The 10-year Treasury yield increased ahead of the Federal Reserve's expected rate cut next week. Broadcom's strong AI revenue growth and custom chip development contributed to its stock surge.
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