Home / Business and Economy / Broadcom AI Chip Sales to Hit $100B
Broadcom AI Chip Sales to Hit $100B
6 Mar
Summary
- Broadcom expects AI chip sales to exceed $100 billion by 2027.
- US may use emergency powers to aid Sable Offshore's drilling plans.
- Roche's experimental obesity drug showed 10.7% weight loss in study.
Broadcom's CEO, Hock Tan, announced on Wednesday that the company projects its artificial intelligence chip sales will exceed $100 billion by 2027. He confirmed that the supply chain required to achieve this significant milestone has been secured. Shares of Broadcom saw a notable increase of up to 4.2% on Thursday following this announcement.
In other market news, Sable Offshore's stock rose significantly on Thursday and throughout the week. This surge is linked to reports that the US government is contemplating the use of emergency powers, specifically the Defense Production Act from the 1950s, to streamline permitting for Sable's contentious oil drilling project off the California coast. US Interior Secretary Doug Burgum indicated this possibility in an interview on Thursday.
Separately, an experimental obesity drug developed by Roche and Zealand Pharma, known as petrelintide, demonstrated an average weight loss of 10.7% in patients over a 42-week study. While the drug exhibited side effects comparable to a placebo, with fewer than 5% of participants discontinuing the trial, the weight loss results fell short of some analyst expectations. Roche's American depositary receipts experienced a decline of as much as 7% after the study results were released on Thursday.
