Chip stocks surged Monday, led by Broadcom and Advanced Micro Devices following bullish calls from analysts, citing their potential to gain from booming demand for artificial intelligence.

Nvidia is one of the most popular AI stocks right now because of its lead in the semiconductor space. The company's graphics processing units (GPUs) have been used in data centers for years, and once tech giants began competing for generative AI dominance, the chips were even more in demand.

Semiconductor stocks Broadcom (NASDAQ: AVGO) and Marvell Technology (NASDAQ: MRVL) have delivered outstanding gains in 2024, with shares of both companies more than doubling as of this writing thanks to the rapidly growing demand for their application ...

These impressive figures were primarily driven by the company's AI-related offerings, with AI revenue skyrocketing by 220% to $12.2 billion

HIVE Digital Technologies (NASDAQ:HIVE) announced on Tuesday its acquisition and deployment of advanced Nvidia Corp (NASDAQ:NVDA) H100 and H200 GPU clusters in Quebec, Canada. This strategic $30 million investment aims to strengthen HIVE’s position in artificial intelligence (AI) and high-performance computing (HPC) and enhance its role in the digital transformation landscape.

Discover how Broadcom's booming AI business and partnerships like with Apple are driving its stock surge, but is the near-term upside limited?

The chipmaker's stock jumped after Broadcom CEO Hock Tan said the company is developing custom AI chips with three large cloud customers. The shares were up 13% in extended trading. Here's how Broadcom did versus LSEG consensus estimates for the quarter ending Nov. 3:

FY2024 earnings report shows strong revenue growth, driven by custom AI chip demand, pushing its market cap past $1 trillion. Read more here.

Apple is working with Broadcom to develop its first server chip specially designed for artificial intelligence processing, the Information reported on Wednesday, citing people with direct knowledge of the matter.

Broadcom shares surged Friday after the company's latest earnings report. "We see an opportunity in AI over the next three years," its CEO said on the call.

Broadcom Inc (NASDAQ:AVGO) stock surged Friday after it reported better-than-expected fourth-quarter adjusted EPS results and raised its quarterly common stock dividend. The company reported a topline of $14.

Big tech has been vying to reduce its dependence of pricey, supply-constrained AI processors made by front-runner Nvidia (NVDA.O), opens new tab, helping Broadcom which makes advanced custom artificial intelligence chips for so-called hyperscalers.