Broadcom Shares Close 5.54% Higher Amid Nvidia CEO Transition

Broadcom shares rose 5.54% Thursday to close at $364.36 as investors weighed the semiconductor maker’s custom AI-chip business amid Nvidia’s leadership transition and renewed focus on chip-sector rivals.

Trading volume reached approximately 43.62 million shares, above the stock’s 20-day average. Broadcom gained $19.14 from Wednesday’s $345.22 close, opened at $356.80 and reached $369.82 intraday.

Nvidia’s board accepted CEO Jensen Huang’s resignation on Nov. 11 and named Chief Financial Officer Colette Kress interim CEO. Directors began searching for a permanent chief executive.

Broadcom’s third-quarter results included $16.7 billion in AI semiconductor revenue, up 221% from a year earlier. That represented about 56% of its total quarterly revenue of $29.6 billion. The company forecast $21.7 billion in fourth-quarter AI semiconductor revenue.

Broadcom is scheduled to release its fourth-quarter and full-year results Dec. 9.