If you thought 2023 was the year of artificial intelligence (AI) stocks, 2024 has been a pleasant surprise.

AI stocks have gone from hot to scorching this year, led by sector winners like Nvidia (NASDAQ: NVDA), the AI chip superstar, and Super Micro Computer, a maker of AI servers and storage equipment. Nearly every AI stock has jumped on its earnings report so far this year, including Arm Holdings, Taiwan Semiconductor, ACM Research, and just last week, Dell Technologies. The evidence in the sector continues to indicate that demand for AI hardware and components is ramping exponentially and exceeding Wall Street's expectations.

On Thursday, Broadcom (NASDAQ: AVGO) will be the latest AI stock to test this pattern, as it will report earnings after the market closes. Broadcom, a diversified semiconductor maker, has gained 21% so far this year, a sign it's also benefited from the rising AI tide.

Continue reading

Source Fool.com