Broadcom Is Less Than 5% From the $2 Trillion Club -- and Apple Just Committed $30 Billion for More Chips
The chipmaker is a short hop from a milestone only a handful of companies have reached. Is the climb built to last?
Overview
Broadcom (NASDAQ: AVGO) is closing in on a milestone only a handful of companies have ever reached. As of this writing, the semiconductor and infrastructure-software giant is worth about $1.91 trillion. That leaves it less than 5% shy of a $2 trillion market capitalization, and at the current share count, a move to about $420 per share would get it there.
The stock rose more than 3% on Thursday alone, so it could get to this milestone quickly.
Details
The latest catalyst for the stock came from Apple (NASDAQ: AAPL). On Wednesday, the iPhone maker said it will spend more than $30 billion with Broadcom over the coming years, deepening a supplier relationship that already runs deep. It's the sort of headline that can make a $2 trillion valuation feel almost preordained.
Source
Originally published at www.fool.com.