Broadcom’s overall guidance may not have wowed Wall Street after the stock’s big recent run, but “AI is strong and getting stronger,” one analyst noted.

Broadcom, a tech group valued at just $125 billion five years ago, is now one of three key AI suppliers. Broadcom, with a market cap of more than $1.2 trillion, trails Nvidia in terms of market value,

Shares of Broadcom are trending toward an all-time high closing price for the fourth day in a row as the chipmaker prepares to report quarterly results after the bell.