Why Broadcom Stock Was a Standout on Friday

(NASDAQ: AVGO) had more than the coming weekend to celebrate on Friday. The company's share price got a nice lift after a prominent bank reshuffled its top-stock picks in the semiconductor industry. With that at its back, Broadcom's shares closed more than 2% higher on a day when the S 500 index essentially traded flat.

No less a financial institution than mighty Bank of America was the entity tapping Broadcom as a prime stock, in the person of analyst Vivek Arya. Before market open, Arya named his new top-five semiconductor stocks; outside of Broadcom, this short list included Nvidia, NXP Semiconductors, KLA Corporation, and Synopsys.

In his research note on the quintet, the prognosticator flagged Broadcom's "leadership" in the segment of custom artificial intelligence (AI) chips as a major factor in its inclusion. AI continues to be an extremely hot area of technological development and, therefore, investor interest.

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Source Fool.com