Broadcom (AVGO 1.90%) has become a key player in the artificial intelligence (AI) chip market thanks to its application-specific integrated circuits (ASICs). ASICs are gaining tremendous traction among cloud service providers and hyperscalers because of their cost-effective nature and performance advantages over general-purpose computing chip systems such as graphics cards.This explains why Broadcom stock has shot up an impressive 65% in the past year, which is significantly higher than the 30% gain for AI ...