Investing.com -- Broadcom unveiled Monday a $10 billion stock buyback program amid strong cash flow generation and confidence in AI-led demand for its chips.
Broadcom Inc (NASDAQ:AVGO) rose more than 3% in afterhours trading.
"We are uniquely positioned in mission critical infrastructure software and enabling hyperscalers to drive innovation in generative AI into their expanding subscriber platforms," said Hock Tan, President and CEO of Broadcom.
Under the plan, the company said it would repurchase up to $10 billion of its common stock through December 31, 2025.
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