Post by: Bandan Preet
Photo: Reuters
Broadcom, a big tech company based in Palo Alto, California, announced on Monday that it will buy back its own shares worth up to $10 billion. This program will run until the end of this year. After the news came out, Broadcom’s stock price went up nearly 3% in after-hours trading.
The company’s CEO, Hock Tan, said this decision shows how confident they are in their business—especially in two areas: making computer chips and software used in large systems. He also mentioned that Broadcom is in a strong position when it comes to artificial intelligence (AI), which is becoming more and more important.
On Monday, Broadcom's stock closed about 5% higher, after falling for two days. The drop earlier was caused by concerns related to new tariffs announced by U.S. President Donald Trump.
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Broadcom makes computer chips and is one of the suppliers to Apple. Just last month, the company shared a strong forecast for its second-quarter sales. It also gave hints that it might soon get new customers, which could help it earn even more money in a competitive market.
Right now, Broadcom is getting a lot of orders for its custom AI chips. These chips are being bought by cloud computing companies that want a cheaper option than the expensive processors made by Nvidia.
Overall, Broadcom is doing well, and the new buyback plan is one way the company is showing it believes in its own future.
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