"Broadcom's 2024 AI Chip Sales Forecast Hits $10 Billion Despite Share Dip"
Broadcom expects $10 billion in revenue from AI chips in 2024, but its stock dipped after its full-year forecast failed to impress investors. Smaller rival Marvell Technology also forecasted revenue below market expectations, causing its stock to drop over 6% in extended trading. Both companies are expected to benefit from the boom in AI technologies, with Broadcom's CEO stating that about $7 billion of the firm's AI chip revenue in 2024 would come from helping two major clients design custom AI chips. Despite the optimistic AI outlook, Broadcom did not update its annual revenue forecast of $50 billion, leading to a slight dip in its stock.
