hip producer Broadcom's market value exceeds $1T

By Gokhan Ergocun

ISTANBUL (AA) - Broadcom's market value exceeded $1 trillion for the first time Friday.

After increasing its share prices by around 24.4%, the market value of the US-based chip manufacturer hit $1.05 trillion.

The price of the is trading at $224.8 per share as of its weekly close of the markets.

The rise in shares came after the company's financial results, which beat expectations for the fourth quarter and showed strong growth in AI revenue.

Broadcom's revenue increased 51% to $14.05 billion in the quarter compared to the same period last year, preliminary figures showed.

The chipmaker's net profit increased 23% to $4.32 billion.

The company announced AI revenues increased 220% in 2024 to $12.2 billion.