broadcom (AVGO) on Tuesday unveiled a new chip that it claims offers industry-leading performance for artificial intelligence networks. AVGO’s stock price was boosted by AI chips this year.
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The company’s Jericho3-AI system-on-chip can significantly reduce job completion times for any AI workload, Broadcom said in a news release.
Ram Velaga, senior vice president and general manager of Broadcom’s Core Switching Group, said in a written statement:
He added, “Jericho3-AI significantly reduces job completion time compared to other alternatives on the market.”
According to Broadcom, its new system-on-a-chip completes AI workloads 10 percent faster than InfiniBand-based network systems.
The Jericho3-AI system provides 26 petabits per second of Ethernet bandwidth. That’s almost four times the bandwidth of the previous generation. It also runs at 40% less power per Gigabit.
AVGO stock on the rise
Broadcom shares ended regular trading on Monday, rising 1.3% to 627.36. Meanwhile, AVGO’s stock is up 12.2% year-to-date through Monday’s close, and the S&P 500 is up 8.1% for him.
Broadcom’s Jericho3-AI comes to market as cloud computing providers invest more in AI systems. Market research firm IDC predicts that global spending on AI will reach $154 billion in 2023 and at least $300 billion by 2026.
Bob Wheeler, Principal Analyst at Wheeler’s Network, said: in a written statement.
“Jericho3-AI offers a high-bandwidth, low-latency, low-power option for networks connecting tens of thousands of GPUs, revolutionizing the economics of building and maintaining AI clusters in this exciting new era. .”
Broadcom on IBD Technology Leaders List
Broadcom’s stock ranks first in IBD’s fabless semiconductor industry group, according to the IBD Stock Checkup. The fabless chipmaker group ranks first among 197 industry groups tracked by IBD. Also, his IBD overall rating for AVGO stock is 99.
Additionally, AVGO’s shares are included in the IBD Tech Leaders list.
According to IBD MarketSmith’s chart, AVGO stock is supported at the 50-day moving average.
Follow Patrick Saitz on Twitter. @IBD_PSeitz For more articles on consumer technology, software and semiconductor stocks, please visit here.
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