Broadcom 
AVGO Microsoft and ByteDance led artificial intelligence (AI) stock news on Monday following news of a partnership to develop new chips.
Broadcom and ByteDance are collaborating to develop advanced 5-nanometer AI chips, according to people familiar with the matter. ByteDance has previously bought 5-nanometer chips from Broadcom.
Investors also said Taiwan Semiconductor 
TSMC The company will manufacture chips for these companies, and the chips will reportedly not violate current chip export restrictions.
The sources behind these reports claim that chip development is progressing smoothly, but they also point out that Taiwan Semiconductor is unlikely to start chip production this year.
What this means for AI stocks
Today's news is another sign that the AI chip market remains strong: The sector has seen strong growth throughout 2024, and that momentum is likely to continue through the rest of the year, meaning AVGO stock and TSM stock could benefit as chip production begins.
As of Monday afternoon, AVGO shares were down 2.4% and TSM shares were down 3.6%.
Investors will want to keep reading all the latest stock market news.
We bring you all the hottest stock market news traders need to know on Monday, including moves in Chinese electric vehicle (EV) stocks, the latest on Nvidia and more. 
NVDA Share etc. You can find all this information at the following link:
As of the date of publication, William Whyte did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author in accordance with InvestorPlace.com's publishing guidelines.
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