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Broadcom Unveils USD 10 Billion Share Buyback Plan Amid AI Growth Confidence

  • tech360.tv
  • 4 days ago
  • 1 min read

Broadcom announced a new share buyback programme worth up to USD 10 billion, set to run through the end of 2024, boosting its shares nearly 3% in extended trading.


Credit: David Paul Morris/Bloomberg
Credit: David Paul Morris/Bloomberg

Chief Executive Officer Hock Tan said the move reflects confidence in Broadcom’s semiconductor and infrastructure software businesses, especially its investments in artificial intelligence.


The company’s shares closed about 5% higher on Monday, recovering from a two-day decline following U.S. President Donald Trump’s tariff announcement.


Broadcom, based in Palo Alto, California, has a market value of approximately USD 724.76 billion.


Last month, the chipmaker forecast strong second-quarter revenue and suggested it may gain new customers in a competitive market.


Broadcom supplies semiconductors to Apple and is experiencing strong demand for its custom AI chips.


Cloud computing companies are turning to Broadcom’s chips as a cost-effective alternative to Nvidia’s processors.

 

  • Broadcom launches USD 10 billion share buyback through end of 2024

  • CEO cites confidence in AI and software businesses

  • Shares rose nearly 3% in extended trading, 5% during Monday’s session


Source: REUTERS

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