Broadcom, The Magnificent 7 Stock In Waiting: Can The Chipmaker Replace EV Carmaker Tesla?
While Elon Musk-owned electric vehicle maker Tesla Inc (NASDAQ:TSLA) has slumped 22% into 2024, the shares of semiconductor maker Broadcom Inc (NASDAQ:AVGO) have rallied 10%.
This is significant because the slump in Tesla’s shares combined with the growth in Broadcom’s shares means the chipmaker is now only a short way behind Musk’s company in terms of market capitalization.
A good set of quarterly earnings, to be published on March 7, could set Broadcom’s shares in motion to mount a claim for Tesla’s spot in the much-hyped group of tech stock mega caps — the Magnificent 7.
Still, more than two weeks ahead of Broadcom’s earnings report, the consensus expectations are for revenues of $11.73 billion, up 31.6% from the same quarter a year ago. Adjusted earnings are expected at $6.66 billion, up 17.3% on last year and earnings per share of $10.42, up …
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