Broadcom Soars on Extended Partnership with Apple
Broadcom Inc. shares rose by over 1% in Thursday's premarket session as investors returned to large-cap semiconductor stocks, bolstered by a recently announced multi-year partnership with Apple Inc.
The extension of the partnership through 2031 covers the development and supply of tailored Application-Specific Integrated Circuit products, securing the supply of critical components for Apple's devices.
Apple is one of Broadcom's largest customers, accounting for a major chunk of Broadcom's annual revenue, making it a critical contributor to the chip firm's semiconductor business.
Broadcom continues to trade above its key moving averages, including its 20-day and 100-day SMAs, suggesting the longer-term uptrend remains intact. However, the stock remains 2.7% below its 50-day SMA of $406.79.