US Open: Nasdaq soars 1%. Broadcom over $1 trillion in market cap 📌

• American indices open in the green on Friday
• US100 on new highs
• USD Index falls 0.25%, bond yields are up
• Broadcom soars 20% and breakes over $1 trillion market cap

The last session of the week brings another wave of growth in technology stocks, particularly in the semiconductor and AI sectors. The star of today’s session is Broadcom, which gained 22% at the opening, breaking over the $1 trillion market cap mark.

Investor enthusiasm is once again fueled by groundbreaking products from companies in the tech sector. Earlier this week, companies linked to quantum technology gained significant attention following Alphabet's announcement of its advanced Willow chip. Today, investors’ focus has reversed back to AI, mainly due to Broadcom (AVGO.US). The company released very promising forecasts for the coming years and highlighted strong interest in its customized AI model products.

US100 (D1)

The Nasdaq 100 index, represented by the US100 contract, adds another 1.00% at the opening of the cash session, reaching a new high of 21,850 points. The next major hurdle for the bulls is likely the zone just below 22,000 points.

Source: xStation5

Corporate news:

• Broadcom’s (AVGO.US) shares rally on AI demand forecast (+22.15%), as reported by the company after its earnings call conference. The company expects 65% sales growth for their AI products in Q1 2025 and estimates that the market for the AI components will have grown to $90 bn by 2027. Optimistic sales outlook helps Broadcom’s stock to recover from moderate losses driven by the slight net revenue miss in Q4 2024 ($14.05 bn vs $14.08 bn expected).
• EVgo (EGO.US) trades 1.3% lower despite 12% premarket rally after the company closed a $1.25 bn guaranteed by the US Department of Energy to finance new public electric vehicle charging station
• Upstart (UPST.US) shares are up 8.9% after Needham upgraded its recommendation from ‘hold’ to ‘buy’, with price target $100 (currently: $83.93). The analysts argue that the Upstart’s balance sheet has significantly improved and expect even better funding environments in months to come.
• Vir Biotechnology (VIR.US) wins the FDA’s Breakthrough Therapy and European Medicines Agency’s Priority Medicine designations. The status received opens the door to the phase III clinical trial for the drugmaker’s treatment for chronic hepatitis delta (CHD). The registration for the trial is planned for the first half of 2025. Vir’s shares, though up 2% during premarket trading, are currently down 1%.