Chip stocks surged Monday, led by Broadcom and Advanced Micro Devices following bullish calls from analysts, citing their potential to gain from booming demand for artificial intelligence.

Nvidia is one of the most popular AI stocks right now because of its lead in the semiconductor space. The company's graphics processing units (GPUs) have been used in data centers for years, and once tech giants began competing for generative AI dominance, the chips were even more in demand.

Semiconductor stocks Broadcom (NASDAQ: AVGO) and Marvell Technology (NASDAQ: MRVL) have delivered outstanding gains in 2024, with shares of both companies more than doubling as of this writing thanks to the rapidly growing demand for their application ...

These impressive figures were primarily driven by the company's AI-related offerings, with AI revenue skyrocketing by 220% to $12.2 billion

Several media outlets recently espoused the narrative that the AI chip king would soon face tougher competition as large technology companies get help from Broadcom and Marvell to make better custom AI chips.

Broadcom is predicting a massive expansion in demand for chips that power AI - and the market, for now, is buying it all the way.

Discover how Broadcom's booming AI business and partnerships like with Apple are driving its stock surge, but is the near-term upside limited?

The chipmaker's stock jumped after Broadcom CEO Hock Tan said the company is developing custom AI chips with three large cloud customers. The shares were up 13% in extended trading. Here's how Broadcom did versus LSEG consensus estimates for the quarter ending Nov. 3:

FY2024 earnings report shows strong revenue growth, driven by custom AI chip demand, pushing its market cap past $1 trillion. Read more here.

Broadcom Inc (NASDAQ:AVGO) stock surged Friday after it reported better-than-expected fourth-quarter adjusted EPS results and raised its quarterly common stock dividend. The company reported a topline of $14.

Broadcom shares surged Friday after the company's latest earnings report. "We see an opportunity in AI over the next three years," its CEO said on the call.

When it came to artificial intelligence (AI) infrastructure in 2024, Nvidia (NASDAQ: NVDA) reigned supreme. Both stocks have had strong runs in 2024, with Nvidia's stock up over 170% year to date as of this writing and Broadcom up around 107%.