Broadcom Inc. shares are on track to set a new closing high on Wednesday. If they do, they will be among the highest priced chips on the market.
When Broadcom shares VGO.89% closed at $182.89 on June 17, that was the last time they hit a record high. During the day on Wednesday, shares were up 2.3% to $184.89. The business is on track to be worth more than $860 billion on the stock market.
The PHLX Semiconductor Index SOX 1.06% reached its highest point on July 10. Since then, it has dropped about 10%.
There are parts of that index that are getting close to records, like Nvidia Corp. shares NVDA -0.18%, but according to Dow Jones Market Data, only Broadcom is on track to set a new closing high on Wednesday.
The next company most likely to do it is Monolithic Power Systems Inc., whose shares are down 1.6% from their August closing high, or 1.39%. Next is Nvidia’s price, which is down 2.6% from its all-time high on June 18.
Broadcom was recently called “the steady, grind-higher AI name” by C.J. Muse of Cantor Fitzgerald. He said this because the company is growing in both the custom-silicon and networking parts of the AI infrastructure.
“We are very happy to stay here today,” Muse told clients in a note on Tuesday. Broadcom is now a “AI, networking, and software story.” He really likes the stock Broadcom more than any other.
Vijay Rakesh of Mizuho agreed that Broadcom is “positioned well with [its] strong custom/networking portfolio.”
On the other hand, shares of Qorvo Inc. QRVO 1.74% and Intel Corp. INTC 0.60% are still the farthest from their all-time highs since the market opened. The record high for Qorvo shares was in 2000, and it’s now down 71%. The record high for Intel shares is also in 2000, and it’s now down 69%.
