Broadcom hits trillion-dollar valuation on optimistic forecasts, lifts chip index
Updates after market open, adds other chip stocks
** Shares of chipmaker Broadcom AVGO.O soar 20.3% to a record high of$216.96; company hits$1 trillion in market value
** Company forecast first-quarter revenue of about $14.6 bln, compared with analysts' ests. of $14.57 bln on booming demand for custom AI chips, according to data compiled byLSEG
** Other chip stocks rally: Marvell Technology MRVL.O up 8.3%, Taiwan Semiconductor Manufacturing's U.S. listing TSM.N up 4.1% and Micron Technology MU.O up 2.5%
** Philadelphia SE Semiconductor Index .SOX jumps 2.3%
** Advanced Micro Devices AMD.O, Nvidia NVDA.O and Intel INTC.O, however, down between 1.2% and 3.5%
** AVGO posted fourth-quarter revenue growth of 50% to $14.05 bln, compared with analysts' ests. of $14.09 bln
** On an adjusted basis, company earned $1.42/shr in Q4 compared with ests. of $1.38/shr
** "Broadcom's strong performance doesn't come as a surprise. It's one of several companies benefiting from AI invigorating the global semiconductor industry, with its AI revenue growing 220% this year" - eMarketer analyst Jacob Bourne
** At least 16 brokerages raised PT on the stock, pushing the median view to $210
** Including session moves, AVGO has nearly doubled year-to-date, outperforming SOX's 22% rise
Reporting by Kritika Lamba and Lisa Mattackal in Bengaluru
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