Broadcom Inc (NASDAQ:AVGO) and Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Cloud have announced the expansion of their partnership to optimize Broadcom's VMware workloads for Google Cloud.
This collaboration will extend to joint go-to-market initiatives, include more Broadcom products and services in the Google Cloud Marketplace, and incorporate Google Cloud's generative AI capabilities into Broadcom's offerings.
The partnership aims to leverage Google Cloud's unique features for VMware workloads, allowing Broadcom to utilize Google's platform capabilities and Vertex AI to boost customer experiences.
The collaboration will also see Broadcom enriching its SymantecAI platform with Google Cloud's generative AI technology, indicating a deepening commitment to gen AI adoption.
Also, Broadcom and Google Cloud plan to align their product and go-to-market strategies more closely to support mutual customers, mainly through network solution integrations that simplify cloud deployments.
Broadcom intends to expand its presence on the Google Cloud Marketplace with additional products like Symantec Network Protection, facilitating easier scaling of Broadcom solutions for organizations.
Analysts flagged Broadcom as a top pick in the artificial intelligence sector, highlighting its leadership in the accelerating shift towards AI servers.
They expect the accelerator market to double to $200 billion in the next three years. Analysts find Broadcom well-positioned across networking and XPUs to benefit from generative AI growth.
For Broadcom, they projected 2024 revenue and EPS of $49.97 billion and $46.35, respectively.
Broadcom stock gained 113% in the last 12 months. Investors can gain exposure to the stock via Pacer Funds Pacer Data And Digital Revolution ETF (NYSE:TRFK) and Amplify ETF Trust Amplify Cybersecurity ETF (NYSE:HACK).
Price Action: AVGO shares traded lower by 1.07% at $1,321.67 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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