TradingKey – As of the close on July 8, Eastern Time, Broadcom ( AVGO) shares rose 4.83% to $388.69, with an intraday high of $395.09. The stock showed notable strength on Wednesday, with the direct catalyst being Apple ( AAPL) expanding its chip supply partnership with Broadcom. This means Broadcom’s custom chip business is supported by long-term orders from a major customer, while also reinforcing its key position in Apple’s supply chain.
The core driver of Wednesday’s stock gain was the expanded chip supply partnership between Apple and Broadcom. According to reports, Apple plans to purchase more than $30 billion in chips from Broadcom under a long-term agreement extending through 2031, primarily involving radio frequency chips such…
