Is Broadcom (AVGO) to Benefit from Generative Artificial Intelligence (AI)?

WhatsApp Group Join Now
Telegram Group Join Now
Instagram Group Join Now

Carillon Tower Advisors, an investment management company, released its “Carillon Eagle Growth and Income Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 index continued its recent all-time high, opening the first quarter of the year up a strong 10.6%. This quarter's results followed a general pattern for much of 2023: big performance smaller and better growth performance. Energy was the best performing sector while Real Estate Investment Trusts (REITs) was the only sector with negative returns. Also, you can also check the fund's top 5 holdings to know its best picks in 2024.

Carillon Eagle Growth & Income Fund announced Broadcom Inc. in a Q1 2024 investor letter. (NASDAQ:AVGO) highlighted stocks like Broadcom Inc. (NASDAQ:AVGO) designs and manufactures a variety of semiconductor devices. Broadcom Inc. (NASDAQ:AVGO)'s one-month return was 4.18%, and its shares gained 68.92% of their value over the past 52 weeks. On June 10, 2024, Broadcom Inc. (NASDAQ:AVGO) stock closed at $1,440.47 per share for a market capitalization of $661.758 billion.

Carillon Eagle Growth & Income Fund reported Broadcom Inc. in its Q1 2024 investor letter. (NASDAQ:AVGO) State the following:

Broadcom Inc. (NASDAQ:AVGO) continues to trade high as a beneficiary of creative artificial intelligence (AI). Management recently highlighted that AI-related silicon now comprises a significant percentage of all semiconductor solutions sales. The company is also focusing on integrating its acquisition of VMware.

A technician works on a magnified microscope, developing a new integrated circuit.

Broadcom Inc. (NASDAQ:AVGO) ranks 15th on our list of the 31 most popular stocks in hedge funds. According to our database, 115 hedge fund portfolios held Broadcom Inc. at the end of the first quarter. (NASDAQ:AVGO) which was 91 in the previous quarter. While we Broadcom Inc. (NASDAQ:AVGO) as an investment potential, we strongly believe that AI stocks hold more promise to deliver higher returns, and do so over the short term. If you're looking for an AI stock that's as promising as NVIDIA but trades at less than 5 times its earnings, check out our report on it. Cheapest AI Stocks.

In another article, we read about Broadcom Inc. (NASDAQ:AVGO) and shared a list of AI stock analyst upgrades. Baron Durable Advantage Fund held Broadcom Inc. (NASDAQ:AVGO) saw potential and added it to its portfolio in Q1 2024. Also, please visit our Hedge Fund Investor Letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

Read next: Michael Berry is selling this stock. And A new dawn is coming to US stocks..

Disclosure: None. This article was originally published on Insider Monkey.

WhatsApp Group Join Now
Telegram Group Join Now
Instagram Group Join Now

Leave a Comment