Broadcom’s 340% rally has Wall Street debating if it’s Magnificent Seven material

(Bloomberg/Carmen Reinicke) — For more than two years, conversations about the biggest, most important technology companies have revolved around the same seven stocks. Now, some on Wall Street are making the case that Broadcom Inc. should be part of that discussion.

Relentless spending on artificial intelligence computing gear has juiced the chipmaker’s revenue and profits, driving a more than 340% rally since the start of 2023 and vaulting it into an elite cohort of stocks with a market value of at least $1 trillion.