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☆ Early bets on AI have helped this global tech fund outperform for a second year
▼ + stars: | 2024-06-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

An early bet on artificial intelligence thanks to a simple investment framework is helping the T. Rowe Price's Global Technology Fund (PRGTX) outperform the market for a second straight year. "Our framework led us to be early to this AI trend, [and] led us to be early to the chip intensity of this AI trend." That's due in part to its winning bets in AI names and semiconductor stocks – many of which have outperformed the S & P 500 and Nasdaq Composite . Early bets on AI Key to the $4.5 billion fund's recent success has been early positions in AI stocks and chipmaking darling Nvidia . The AI leader — added to the fund at the end of 2021 — today accounts for nearly 18% of the portfolio.

Persons: Rowe, Dominic Rizzo, Rizzo, Rowe Price lifer, —, Rizzo's, Siri, Morningstar Organizations: Global Technology Fund, Nasdaq, Nvidia, Taiwan Semiconductor Manufacturing, Devices, ASML, Apple, Microsoft, University of Chicago Booth School, Business, Worldwide Developers, Apple Intelligence, SAP

☆ These five stocks are primed for upside, including this alternative to Nvidia, Morgan Stanley says
▼ + stars: | 2024-06-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Morgan Stanley analysts named a slate of stocks this week they think are too attractive to ignore. CNBC Pro combed through Morgan Stanley research to find stocks that are primed for growth this summer. They include Apple, Toast, Broadcom, Arista Networks and Coca-Cola. Toast "Toast demonstrated its Vertical technology leadership, detailing its ability to efficiently gain share and monetize against an expanding opportunity. … New geographies, new verticals, new products, and increasing monetization across software and FinTech, underscore the compelling growth opportunity for Toast in the years ahead.

Persons: Morgan Stanley, Joseph Moore, Moore, Josh Baer, Baer, Meta Marshall, Marshall, … Arista, … Organizations: CNBC, Apple, Broadcom, Arista Networks, VMware, Breed, Arista Networks Arista, Arista

☆ How Morgan Stanley says to play the next wave of the AI trade
▼ + stars: | 2024-06-14 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

As the field of stocks that both serve artificial intelligence data centers and have outperformed the rest of the market grows, Morgan Stanley is changing its approach in a search for value. All of the stocks included are rated overweight at Morgan Stanley. Morgan Stanley upgraded Ciena Corporation to overweight as part of the note and in concert with its GVAT model. NVDA YTD mountain Nvidia stock. Other names on the Morgan Stanley list include Broadcom and Taiwan Semiconductor Manufacturing .

Persons: Morgan Stanley, Meta Marshall, Marshall Organizations: Nvidia, Wall, Ciena Corporation, Broadcom, Taiwan Semiconductor Manufacturing

☆ Broadcom is the next stock that could enter the trillion-dollar club, according to Bank of America
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Broadcom could be the next stock to reach a trillion-dollar market cap, Bank of America said. AdvertisementChip maker Broadcom looks like a contender to be the next member of the stock market's trillion-dollar club, Bank of America said Thursday. Bank of America thinks Broadcom has even greater potential even after its big quarterly report. Upside drivers will be semiconductor sales and Broadcom's VMWare, a software firm it acquired last year. AdvertisementIf Bank of America's price target pans out, that would place Broadcom among an exclusive group of stocks with trillion-dollar market capitalization.

Persons: BofA, — Organizations: Broadcom, Bank of America, Service, VMware, VMWare, Nvidia, Microsoft, Apple

☆ Broadcom surges to a record after earnings. 3 reasons why the stock can go even higher
▼ + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Broadcom surged more than 12% to a record high Thursday following an excellent fiscal second-quarter earnings report on Wednesday night . The other part of Broadcom's AI business is selling products like Ethernet switches that help stitch together servers inside data centers. AVGO 1Y mountain Broadcom's stock performance over the past 12 months. Tan said on the call Wednesday that customer — aka Apple — is all of Broadcom's wireless business. Wall Street estimates for Broadcom's wireless business will need to rise to reflect the increased iPhone demand we expect to see.

Persons: —, Hock Tan, Tan, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Broadcom, Nvidia, Apple, Apple Intelligence, America, VMWare, CNBC, Getty Locations: San Jose , California

The bank also raised its price target to $160 from $115, suggesting 18% upside from Wednesday's close. — Michelle Fox 7:59 a.m.: KeyBanc raises Netflix price target Netflix's growth isn't going to slow down any time soon, according to KeyBanc Capital Markets. — Pia Singh 7:23 a.m.: Bank America raises price target on Boeing Bank of America is weighing the challenges and opportunities Boeing has to make a turnaround. She kept her $38 price target, which implies shares could drop just slightly from its latest close. — Pia Singh 5:45 a.m.: Jefferies names Microsoft a top pick Microsoft is "going for AI gold," according to Jefferies.

Persons: Jefferies, Christine Cho, — Jesse Pound, Clark, Anna Lizzul, Kimberly, — Michelle Fox, Justin Patterson, Patterson, — Pia Singh, Ronald Epstein, Epstein, Oppenheimer, Ulta, Rupesh Parikh, Parikh, Morgan Stanley downgrades Corning, Corning, Morgan Stanley, Meta Marshall, Marshall, Tom O'Malley, O'Malley, AVGO, JPMorgan's Harlan Sur, Timothy Arcuri, Brent Thill, Fred Imbert Organizations: CNBC, Microsoft, Barclays downgrades NextEra Energy Partners, NextEra Energy Partners, Barclays, Bank of America, Clark Bank of America, KeyBanc, Markets, Netflix, Bank America, Boeing Bank of America, Boeing, Broadcom, VMware, Google, UBS, Jefferies Locations: Kimberly, F2H25

☆ These are the stocks to play the next 'bottleneck' in AI, according to the pros
▼ + stars: | 2024-06-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

But the next bottleneck in AI infrastructure — and one to invest in — is networking, according to tech analysts. An increase in investment in generative AI model training and inference will drive the AI networking spending growth of 34% over the next five years, said the firm. "Networking creates a performance bottleneck for generative AI model development," Morningstar's analysts said. "Well-positioned networking firms are a great second derivative play to invest in generative AI," they added. Stocks to play the trend Marvell Technology is Morningstar's top pick to play the generative AI networking trend, with the firm saying it is "attractively undervalued" currently and giving investors an "immediately opportunity" to tap rising generative AI networking investment.

Persons: There's, Clare Pleydell, William D, Kerwin, Brian Colello, Morningstar, Bouverie Organizations: Nvidia, Microsoft, Networking, Morningstar, Liontrust Asset Management, CNBC, That's, Marvell, Arista Networks, Broadcom, Arista, Meta

☆ Broadcom shares surge on earnings beat, increased demand for AI products
▼ + stars: | 2024-06-13 | by ( Katie Bartlett | ) www.cnbc.com time to read: +1 min

Broadcom shares rose about 12% on Thursday after the company posted second fiscal quarter earnings that beat analysts' estimates and showed that it's benefiting from the artificial intelligence boom. Broadcom reported earnings per share of $10.96 ahead of LSEG consensus estimates of $10.84 per share. Analysts see Broadcom as a beneficiary of increasing investments in AI. Bank of America analysts reiterated a buy rating and said they consider Broadcom a top AI pick because it is positioned to grow in custom AI chips and Ethernet networking. They also said Broadcom can upsell VMware to enterprise customers deploying AI.

Persons: Goldman Sachs, — CNBC's Michael Bloom Organizations: Broadcom, Nvidia, . Bank of America, VMware, Bank of America

☆ Here are Thursday's biggest analyst calls: Nvidia, Netflix, Broadcom, Dell, Meta, Roblox, Tesla, Boeing, Microsoft & more
▼ + stars: | 2024-06-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America reiterates Broadcom as buy Following Broadcom's earnings report, Bank of America said the company has "potential to join the trillionaires club." Morgan Stanley downgrades Corning to equal weight from overweight Morgan Stanley downgraded Corning mainly on valuation. Bank of America reiterates Dell as buy Bank of America said it sees several positive catalysts ahead for Dell. Morgan Stanley reiterates Amazon, Alphabet, Meta, Microsoft and Adobe as overweight Morgan Stanley named several tech stocks that it said are well positioned for AI. " Morgan Stanley reiterates Colgate-Palmolive as a top pick Morgan Stanley said it sees a "pet inflection on the horizon" for Colgate.

Persons: it's, Oppenheimer, Ulta, Jefferies, OpenAI, Bernstein, Goldman Sachs, Goldman, Morgan Stanley, Goodyear, Wolfe, Bill Brown, Morgan Stanley downgrades Corning, TD Cowen, Cowen, KeyBanc, Dell, Clark, Wells, Fortnite, Stephens, Wedbush, Tesla, Elon Musk Organizations: Deutsche Bank, Nike, Bank of America, Broadcom, Citi, Royal, TEAM, Microsoft, OpenAI, Nvidia, Starbucks, Goodyear Tire, Civitas Resources, Netflix, Media Survey, Dell, " Bank of America, underperform Bank of America, Adobe, Colgate, Palmolive, Technology, Barclays, NextEra Energy Partners, NextEra Energy, Boeing, of America Locations: Royal Caribbean, Corning, Texas

☆ With signs of an M&A comeback, Goldman Sachs' bankers are raring to win. Do they still have what it takes following a raft of partner exits?
▼ + stars: | 2024-06-12 | by ( Reed Alexander | ) www.businessinsider.com time to read: +13 min

AdvertisementDavid Solomon Goldman SachsPressure-cooker cultureWith signs suggesting mergers and acquisitions could soon return — including the megadeals Goldman specializes in — the firm's dealmakers are itching to end 2024 on a high note. In M&A, Goldman has fallen to No. AdvertisementMark Sorrell Goldman SachsGoldman is also seeking to become more interconnected across its business lines via the One Goldman Sachs program. "They figure that if they're talking to one person at Goldman Sachs, they're talking to everybody." The result, bankers said, is an M&A machine built to withstand threats like star dealmakers leaving for more-nimble rivals.

Persons: —, Goldman Sachs, Bill Quinn, Goldman, Jacki Zehner, Rishi Bali, Hank Paulson, John Thornton, John Thain, David Solomon, Solomon, Dan Dees, What's, David Solomon Goldman Sachs, Gene Sykes, Alison, It's, LSEG, dealmaking, Goldman dealmakers, Momo Takahashi, We've, Mark Sorrell, Mark Sorrell Goldman Sachs Goldman, Sykes, they're, Sorrell, Dees, it's, Dan Dees Goldman Sachs, we're, John Waldron, Kim Posnett, that's, Timothy Ingrassia, Ingrassia, Stephan Feldgoise, I'm, Reed Alexander Organizations: Service, Business, Goldman, JPMorgan, playbook Bank, Wall Street, Competition, & $ Locations: Silicon Valley, London, New York City, Latin America

☆ Blistering AI demand drives a beat and raise at our other chipmaker Broadcom
▼ + stars: | 2024-06-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

We view Broadcom as one of the biggest AI beneficiaries through its networking and custom chip businesses. And it's a good thing that Broadcom wants to make its stock more accessible to investors and employees. Broadcom said the spending run rate at VMware was $1.6 billion in the quarter, down from $2.3 billion per quarter pre-acquisition. Outlook Following the strong first half of its fiscal year 2024, Broadcom raised both its revenue and adjusted EBITDA outlook. The positively revised update is above FactSet estimates of $50.58 billion in revenue and $30 billion of adjusted EBITDA.

Persons: Hock Tan, we've, Tan, Jim Cramer's, Jim Cramer, Jim, Broadcom Lucas Jackson Organizations: Broadcom, VMware, Revenue, Club, LSEG, VMWare, Wall Street, Marvell Technology, Devices, Nvidia, Lam, Chipotle, Walmart, Apple, Infrastructure Software, CNBC Locations: Hock

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Skechers, Tesla, GameStop, Birkenstock, Valvoline & more
▼ + stars: | 2024-06-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley upgrades Ciena to overweight from equal weight Morgan Stanley sees "upside potential" for the networking company. Morgan Stanley downgrades Pure Storage to equal weight from overweight Morgan Stanley downgraded the stock mainly on valuation. Goldman Sachs downgrades Birkenstock to neutral from buy Goldman downgraded Birkenstock mainly on valuation. Wells Fargo initiates Skechers at overweight Wells said it's bullish on shares of the footwear company. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's possible that Tesla could make a phone.

Persons: Piper Sandler, Piper, it's, Edward Jones, Morgan Stanley, Goldman Sachs, Birkenstock, Goldman, Wells, Wedbush, Needham, HAE, TD Cowen, Cowen, Tesla, Oppenheimer, Salesforce Organizations: Products, Devices, AMD, Paramount, Citi, DAR, Barclays, FI, GameStop, McCormick, Procore Technologies, UBS, Nvidia, hyperscalers, Bank of America, Apple, Fortinet Inc Locations: VVV

Oppenheimer raised its price target on Nvidia after the company completed a 10-for-1 stock split. 7:07 a.m.: Baird increases First Solar price target Baird thinks First Solar has more room for growth after soaring 46% in the past month. His buy rating and $238 per share price target implies more than 23% upside ahead. — Brian Evans 5:41 a.m.: Oppenheimer raises Nvidia price target after stock split Nvidia's momentum will continue, according to Oppenheimer. — Brian Evans 5:41 a.m.: JPMorgan says buy Shopify Shopify is the "online sale you don't want to miss," according to JPMorgan.

Persons: Oppenheimer, Baird, Ben Kallo, Kallo, — Brian Evans, Apple's, Samik Chatterjee, WWDC, Atif Malik, We're, Goldman Sachs Michael Ng, OpenAI, Brian Evans, Morgan Stanley, Adam Jonas, Ford, Jonas, Ford's, Rick Schafer, Schafer, Reginald Smith, Smith, Fred Imbert Organizations: CNBC, Nvidia, JPMorgan, iPhone, Citi, Ford, China EV Locations: Monday's

☆ Nvidia is going on the defensive as the list of contenders grows
▼ + stars: | 2024-06-11 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

Read previewThere are signs that Nvidia is adopting a defensive posture as competitors try to carve out a piece of the AI computing market it has dominated thus far. What does going on the defensive look like for a company with between 70% and 90% market share? Advertisement"Our sense is that investor expectations still haven't adjusted enough to the impacts the Blackwell launch will have on Nvidia competitors," the analysts wrote. The fast pace of new launches makes meaningful competition even harder to fathom according to Morgan Stanley. Morgan Stanley assessed that Broadcom is poised to gain market share while AMD's fate is less certain.

Persons: —, Morgan Stanley, Jensen, Lisa Su, Blackwell, Huang, Emma Cosgrove Organizations: Service, Nvidia, Microsoft, Meta, Google, Business, Devices, AMD, Taiwan Semiconductor Manufacturing Corp, Broadcom Locations: Santa Clara , California, ecosgrove@businessinsider.com

☆ A memorable bizcation requires a unique blend of work and play. Hong Kong is the perfect destination to make it happen.
▼ + stars: | 2024-06-11 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

When the sun sets in Hong Kong, the sprawling urban metropolis transitions from work to play. Arguably the world's best "bizcation" destination, Hong Kong offers endless activities once business travelers close their laptops for the day. Hong Kong Tourism BoardTo add a bit of mystery into your bizcation, consider exploring Hong Kong's speakeasies. Hong Kong Tourism BoardBut that's not the only attraction lighting up Hong Kong. A memorable bizcation requires a unique blend of work and play — and Hong Kong is the perfect destination to make it happen.

Persons: Hong, Chef Danny Yip, Vicky Cheng, it's, Chai, Noodle, speakeasies, that's, Luna Organizations: Network, Hong Kong's, Argo, Hong Kong Tourism Board, former Marine Police Headquarters, Hong Kong Tourism Board Hong, Insider Studios Locations: Hong Kong, there's, Hong, Wing, Victoria, Clearwater Bay, Tai Hang

☆ Here are Tuesday's biggest analyst calls: Apple, Nvidia, Uber, Shopify, Tesla, Ford, Alphabet, Pepsi, Broadcom & more
▼ + stars: | 2024-06-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's sticking with its overweight rating following the company's Worldwide Developers Conference. Baird reiterates Tesla as outperform Baird said it's sticking with its outperform rating heading into Thursday's shareholder meeting. "We are initiating coverage of Bitdeer Technologies Group (BTDR) with an Overweight rating and $13 PT." We argue the former, initiating coverage with an Outperform rating and $50 TP." Barclays reiterates PepsiCo as overweight Barclays said it's sticking with its overweight rating on the stock despite a bumpy macro in the salty snacks category.

Persons: Morgan Stanley, Apple, WWDC, Oppenheimer, Ford, Baird, Tesla, Evercore, Cantor Fitzgerald, Cantor, Piper Sandler, Piper, it's, it's bullish, Bernstein, BTIG, D.A, Davidson, Citi, Uber Organizations: Nets, Apple, JPMorgan downgrades, JPMorgan, Nvidia, Bitdeer, Bitdeer Technologies, Citi, Broadcom, VMware, Barclays, DA, PepsiCo Locations: JPMorgan downgrades Cleveland, Cleveland, Delaware, China

☆ Inside the Goldman Sachs' 2024 summer internship: From the first-day jitters to David Solomon's words of wisdom
▼ + stars: | 2024-06-11 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It was Monday, June 10, the first day of Goldman Sachs' 2024 summer internships at its Manhattan headquarters. Goldman Sachs received a record 315,126 applications for its 2024 internship program, up severalfold from the 53,107 applications it received a decade ago. Goldman interns mingle Emmalyse BrownsteinDay 1 began with basics like how to access their Goldman email account and log into their company dashboards. For lunch, the bank served sandwiches and wraps and displayed chocolate-covered cookies emblazoned with the Goldman Sachs logo for dessert. See Solomon's full letter to interns below:AdvertisementJune 11, 2024 Welcome to Goldman Sachs On behalf of our people around the world, welcome to Goldman Sachs.

Persons: Goldman, Goldman Sachs, David Solomon, Chocolate, JPMorgan Chase, Emmalyse, Solomon, Will Bousquette, Jean Altier, Lou D'Ambrosio, Dan Dees, David Organizations: Service, Business, tote, JPMorgan, Goldman, BI, Invest Locations: Manhattan, New York City, New York, Dallas, San Francisco, Palm, bagels, Hudson

☆ I doubled my income at Microsoft after starting my career in a factory. I only had enough money for 1 semester of school, but I was determined.
▼ + stars: | 2024-06-11 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +5 min

Read previewThis as-told-to essay is based on a conversation with Nandita Gupta, an accessibility product manager at Microsoft in Redmond, Washington. I'm an accessibility product manager at Microsoft. Since December 2021, I've worked as an accessibility product manager for Accessibility Insights, a suite of products that helps developers code with accessibility in mind. There came a moment in my manufacturing job when I asked myself, "What am I doing? Taking the Microsoft job doubled my earnings from my last job — my annual income was around $75,000 in manufacturing, and the move to Microsoft brought my total compensation to over $170,000.

Persons: —, Nandita Gupta, I've, MasterClass, Lauryn Haas Organizations: Service, Microsoft, Business, Google, Zoo Atlanta, TED, Nasdaq Entrepreneurial Center, TEDx Georgia Tech Locations: Redmond , Washington, lhaas@businessinsider.com

☆ Gen Xers and boomers are giving up on hybrid work: They're either all in or out on the office
▼ + stars: | 2024-06-11 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Related VideoStill, those 50-64 were most likely to work fully remotely, while those 20-29 were least likely. That means they can afford to be fully remote and might feel really comfortable doing things on their own," Barrero said. So that muscle memory might push them to come in more often than younger workers who embrace hybrid." Indeed, many older workers BI has spoken to are divided on whether they want to be in-office or at home — but they're willing to leave roles that don't cater to their preferences. Do you strongly prefer in-office or remote work?

Persons: —, Gen Zers, millennials, Nick Bloom, Alex Finan, Jose Maria Barrero, Instituto Tecnológico Autónomo, Barrero, Dennis C, I'm, Charles Bond, they're, Bond Organizations: Service, Business, Employees, Stanford University, Instituto Tecnológico, Business School

☆ Nvidia could one day be an unprecedented 15% of the S&P 500, predicts Evercore ISI
▼ + stars: | 2024-06-10 | by ( John Melloy | ) www.cnbc.com time to read: +2 min

Nvidia could one day dominate the U.S. stock market benchmark S & P 500 by a magnitude that has never been seen before, more than doubling the influence of past leaders like Apple and Nokia, along with current leader Microsoft. "History suggests NVDA could become 10-15% of S & P 500," wrote chip analyst Mark Lipacis in a note Friday. "We have observed that at each successive computing era, the ecosystem players represent a larger weighting of the S & P 500." Nvidia is already doing most of the heavy lifting for the S & P 500. The chipmaker is responsible for about 37% of the S & P 500's year-to-date 12% return.

Persons: Mark Lipacis, that's, Lipacis Organizations: Nvidia, Apple, Nokia, Microsoft, Evercore, Jefferies, Digital Equipment Corporation, Compaq

☆ I asked the new ChatGPT to find me a job and was surprised by what it came up with
▼ + stars: | 2024-06-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Armed with a new update, ChatGPT can now act as your free personal recruiter. In an earlier test, ChatGPT sent me one job that I couldn't track down. After some probing, the bot acknowledged that the bot role probably wasn't real. AdvertisementApplyingIt's not news that ChatGPT can help job seekers write a killer cover letter, but the new update allows for some more specific back and forth. Armed with my CV and the job description, I asked ChatGPT to tailor my CV to the role and write a quick cover letter.

Persons: —, Bing, ChatGPT, I'd Organizations: Service, Business, ChatGPT Locations: London

☆ Here are the 5 things we’re most focused on in the stock market this busy week
▼ + stars: | 2024-06-08 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

All three major averages closed higher for the week, shrugging off Friday's hotter than expected jobs report. No portfolio names reported this week, but we will hear from one last stock next week. Last quarterly Club stock report : Broadcom reports on Wednesday after the closing bell. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Nonfarm, Dow Jones, FactSet, We'll, we've, Jerome Powell, Siri, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Dow Jones Industrial, Nasdaq, Dow, Labor Department, Federal Reserve, Technology, Utilities, PPI, Broadcom, VMWare, Apple's, Sports, GameStop, Oracle, Casey's, Buster's Entertainment, Oxford Industries, Signet Jewelers, SIG, Jim Cramer's Charitable, CNBC, Apple, Apple Worldwide Locations: FactSet, Cupertino , California

☆ Wall Street showers an AI chipmaker we own with praise — and it's not Nvidia
▼ + stars: | 2024-06-07 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

JPMorgan upped its growth forecast for the custom AI chip market and said Broadcom's dominance in the space is poised to continue. Essentially, these networking chips help make up the plumbing of data centers. The second line of Broadcom's AI business is custom processors, where the company is best-known for co-designing Alphabet's tensor processing units, or TPUs. Google-parent Alphabet and Broadcom have collaborated on the creation of the AI chips for years, with the sixth-generation TPU being announced last month . The AI chips made by market leader Nvidia and rival AMD are more general purpose.

Persons: Bernstein, Melius, —, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Hock Tan, Broadcom Lucas Jackson Organizations: Nvidia, Wall, Broadcom, Melius, JPMorgan, Wall Street, VMWare, Google, Amazon, Microsoft, Marvell Technology, Marvell, AMD, CNBC

☆ Move over, Nvidia: Fund manager likes 'overlooked' chipmaker with billions in AI chip sales
▼ + stars: | 2024-06-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Chipmaker Nvidia is clearly the poster child for artificial intelligence, according to one portfolio manager — but she says another firm is being overlooked. "[We] think of Nvidia as the poster child for AI chips, and they are. But, [Broadcom] was another company that posted over a billion in revenue from AI chips," Pleydell-Bouverie told CNBC's Pro Talks . For the first quarter , Broadcom said revenue came in at $11.96 billion , topping analysts' forecasts of $11.72 billion. AVGO YTD mountain Year-to-date share movement in Broadcom Pleydell-Bouverie flagged that the company has a "leading position" in segments like custom ASICs (Application-Specific Integrated Circuits).

Persons: —, Clare Pleydell, Bouverie, CNBC's, Hock Tan, Bernstein, Stacy Rasgon, Fred Imbert Organizations: Nvidia, Broadcom Inc, Broadcom, Nasdaq, Broadcom Pleydell, Circuits, Liontrust Global Technology Fund, Technology

☆ Here are Friday's biggest analyst calls: Nio, Nvidia, UPS, Amazon, Oracle, Lyft, Microsoft, Walmart, Exxon, Netflix, AT&T & more
▼ + stars: | 2024-06-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

We reiterate our Buy rating." Deutsche Bank reiterates Adobe as buy Deutsche said it's sticking with its buy rating ahead of earnings next week. Loop reiterates Best Buy as buy Loop said it's sticking with its buy rating on the stock. "We maintain our above consensus Best Buy estimates, reiterate our Buy rating, and are raising our price target to $100 from $93." Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it's standing by its overweight rating on the stock.

Persons: Oppenheimer, Wells, it's, TD Cowen, Wolfe, NVDA, Morgan Stanley, Nio, BTIG, Ally, Mizuho, JPMorgan, JPMorgan downgrades Vail, Lynch Organizations: Oppenheimer, UPS, Amazon Web Services, Nvidia, Norfolk Southern & Union Pacific, Union Pacific, Norfolk, Microsoft, Deutsche Bank, Deutsche, Colgate, Palmolive, China EV, Oracle, Adobe, JPMorgan, United Rentals, Barclays, Netflix, Vail, Exxon, " Bank of America, of America, underperform Bank of America, Bank of America, 3M, Citi, AT, Unilever

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