Apple CEO Tim Cook Just Announced Great News for Broadcom Stock Investors
Broadcom's prospects continue to improve.
Overview
Broadcom (NASDAQ: AVGO) has performed well over the past 12 months. The company's strong position in the market for custom artificial intelligence (AI) chips is proving to be a massive growth driver. What's more, Broadcom recently announced a deal with Apple (NASDAQ: AAPL) that arguably strengthens the bull thesis for the stock. Here's what investors need to know.
Broadcom has designed and produced chips for Apple's devices for years. But recently, the two companies announced an expanded partnership. Apple committed over $30 billion to Broadcom through 2031, which is expected to lead to the production of 15 billion chips. Tim Cook, Apple's CEO, praised Broadcom's chips, calling them "essential to delivering the incredible performance and connectivity our customers expect."
Image source: The Motley Fool.
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Originally published at www.fool.com.