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Why Broadcom Stock Beat the Market Today

Hardly for the first time in this "year of the chip stock" on the back of eager artificial intelligence (AI) adoption, Broadcom (AVGO +0.03%) was the subject of an analyst's price target raise on Thursday. This was compounded by the disappointment about a peer company's recent performance, resulting in some investors fleeing to Broadcom.Ultimately, Broadcom stock closed Thursday's trading session nearly 3% higher, easily trouncing the S&P 500 index's 0.3% increase.A $20 changeThursday's Broadcom booster was ...