Broadcom Inc. (NASDAQ: AVGO) is poised for explosive growth, with its momentum ranking surging in the latest Benzinga Edge Stock Rankings report amid an AI-fueled partnership with OpenAI.
**AVGO Is Ready For A Breakout With Stellar Momentum Gains**
The jump to the 92.16th percentile score in AVGO’s momentum ranking signifies a surge in its relative price strength and volatility across timeframes, as detailed in the momentum percentile report. This surge also catapulted AVGO into the top 10th percentile of stocks, signaling a robust upward trajectory.
Currently trading around $350, shares are now eyeing a $400 breakout. Wall Street analyst Ross Seymore from Deutsche Bank raised the price target from $350 to $400 while maintaining a ‘buy’ rating.
**What Fueled AVGO’s Jump In The Top Decile Of Momentum Gains?**
A blockbuster collaboration announced on October 13 between Broadcom and OpenAI revealed that the two firms will co-develop 10 gigawatts of custom AI accelerators. These will be scaled with Broadcom’s Ethernet connectivity solutions to meet the exploding global AI demand.
“This signifies a pivotal moment in pursuing artificial general intelligence,” declared CEO Hock Tan, praising OpenAI’s ChatGPT-era leadership. The term sheet paves the way for racks integrating hardware and networking, advancing OpenAI’s mission to democratize AGI benefits.
Historically reliant on commodity networking and storage chips, AVGO’s pivot to software-enabled Application-Specific Integrated Circuits (ASICs) positions it as a significant, yet often overlooked, AI beneficiary beyond the commonly highlighted GPU plays.
**What Do Other Rankings Say About AVGO?**
AVGO closed 1.36% lower on Friday at $349.33 per share. Despite this, it has gained 50.59% on a year-to-date basis and an impressive 94.08% over the past year.
Benzinga’s rankings underscore the bullish setup for Broadcom. AVGO’s quality score, at 91.55, reflects stellar operational efficiency and financial health compared to peers. Meanwhile, its growth score, at the 34.51st percentile, highlights steady earnings and revenue expansion.
Price trends show green lights across short, medium, and long-term horizons, although the value metric indicates a poor value ranking at 5.57.
For additional performance details, [click here](#).
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https://www.benzinga.com/markets/equities/25/10/48296507/broadcom-set-to-skyrocket-with-momentum-gains-fueled-by-openai-accelerator-deal