Broadcom (AVGO) in Columbia Global Technology Growth Fund Q2 2024

Capitalizing on AI Demand with Robust Earnings

Apr 15, 2025

Summary

Strong position in AI-related sales, contributing significantly to revenue.
Reported better-than-expected earnings driven by AI demand.
Risks include dependency on AI market trends and competitive landscape.
Recent performance saw AI sales up 400% year-over-year.
Future outlook suggests AI could become a majority of revenue in coming years.

Broadcom (AVGO, Financial) was another key performer in the Columbia Global Technology Growth Fund's Q2 2024 commentary. The company reported robust earnings, significantly boosted by AI-related demand. AI sales surged by 400% compared to the previous year, positioning Broadcom to potentially have AI as a majority of its revenue in the near future.

"Broadcom (AVGO, Financial) also performed well during the quarter, as the company reported better-than-expected earnings, with upside from demand related to AI. This long-term holding is strongly positioned to benefit from continued AI demand, with AI sales in the quarter up 400% over the prior year. Overall, AI-related revenue accounted for 30% of total revenue in 2024 and is on pace to represent a majority of the company’s revenue within two to three years." — Columbia Global Technology Growth Fund, Q2 2024 Fund Letter

Read full letter at gurufocus columbia global technology growth fund q2 2024 commentary 2024 Q2 page.

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