Broadcom Expects AI Demand to Help Offset Weakness Elsewhere
[ad_1]
Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, predicted that AI spending would fuel growth more quickly than expected this year, even as sluggish demand in other areas weighs on semiconductor sales.The company's semiconductor division posted revenue of $7.39 billion in the fiscal first quarter, Broadcom said Thursday, missing the $7.7 billion projected by analysts. Still, the chipmaker remains on track for $50 billion in sales during fiscal 2024, which ends in October. That's in line with its previous forecast. Though an artificial intelligence boom is fueling demand for Broadcom equipment, the company is contending with slower sales in some segments, such as telecommunications. That's hurting its chip business. Broadcom's infrastructure software sal...