'AI chip development' Broadcom 11.2% ↑...Nvidia 1.6% ↓

U.S. chipmaker Broadcom has emerged as a threat to artificial intelligence chip leader Nvidia, sending its shares closing sharply higher again.

Broadcom shares surged 11.21% from the previous trading day to close at $250, the second consecutive day of trading, and the market capitalization rose to $1.167 trillion after surpassing $1 trillion on the 13th.

On the other hand, Nvidia shares closed 1.68% lower at $132, falling for three consecutive trading days following a 2.2% decline on the 13th, and its market capitalization was reduced to $3.232 trillion, giving Microsoft the second-largest market capitalization position.

The mixed stock price is attributed to the prospect that Broadcom will threaten Nvidia, which is dominating the AI chip market.

Broadcom announced its quarterly results on the 12th and said it is developing AI chips with three large cloud companies, Google and Facebook parent Meta and China's ByteDance, which operates TikTok.