Why Broadcom Stock Is Rising Today
Key Points
Broadcom reported an expansion of its partnership with Apple through 2031.
For tech investors, Broadcom stock was a great consideration even before today's news broke.
- 10 stocks we like better than Broadcom ›
Sometimes, it just takes the mention of a new deal with a prominent customer for a stock to grab investors' attention. This is clearly demonstrated today with Broadcom (NASDAQ: AVGO) stock after the company reported an update on a collaboration with a well-known partner in a regulatory filing.
As of 10:41 a.m ET, shares of Broadcom are up 5%.
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A peek at a partnership that extends for (at least) five more years
Broadcom reported in a regulatory filing today that it and Apple (NASDAQ: AAPL) have reached an agreement to expand their technology collaboration through 2031. According to the filing, Broadcome will "develop and supply a range of custom ASIC [application-specific integrated circuits] silicon products for use in multiple generations of Apple products.
In 2023, Apple announced a multi-billion-dollar deal with Broadcom to develop 5G radio frequency and wireless connectivity components.
Broadcom provides ASIC silicon products for a variety of applications, including data centers and cloud infrastructure.
Is Broadcom stock a buy on news of its continued collaboration with Apple?
Even before news of its expanded partnership with Apple, Broadcom stock was a great option for those seeking exposure to leading semiconductor stocks -- especially those benefiting from the boom in artificial intelligence (AI). With Broadcom keeping Apple on its dance card for another five years, the tech stock, moreover, is even more attractive.
Should you buy stock in Broadcom right now?
Before you buy stock in Broadcom, consider this:
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Broadcom. The Motley Fool has a disclosure policy.
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