Broadcom Inc. (NASDAQ:AVGO) stock rose Wednesday as strong artificial intelligence infrastructure spending continued to support semiconductor stocks.
Broadcom shares gained about 1% as technology stocks led a broader risk-on session. The Nasdaq Composite rose 0.73%, while the S&P 500 gained 0.17%.
Technical Analysis
Broadcom remains in a long-term uptrend. The stock trades 5.7% above its 20-day simple moving average of $396.35 and 13.6% above its 200-day SMA of $368.74.
The 20-day SMA remains above the 50-day SMA. Broadcom also continues to benefit from a “golden cross” formed in April, when its 50-day SMA moved above the 200-day SMA.
