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Broadcom Inc. shares rebounded after hours Thursday after the chip and software company’s results and outlook topped Wall Street expectations following a recent run to record high prices.
Broadcom shares AVGO, which initially had fallen as much as 3% after hours, swung to a 4% gain after Chief Executive Hock Tan told analysts on a conference call that he expects generative AI models like Microsoft Corp. MSFT-backed OpenAI’s ChatGPT will account for more than a quarter of revenue in fiscal 2024.
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