Broadcom (NASDAQ: AVGO) stock surged 24% last Friday following the release of its financial results for fiscal 2024 (ended Nov. 3), catapulting the company into the exclusive $1 trillion club. Investors were impressed with Broadcom’s soaring artificial intelligence (AI) revenue, which comes from selling custom chips and networking equipment for data centers. Broadcom was solely a supplier of semiconductors and electronics components for a variety of computing applications up until 2016, when it merged with fellow chip giant Avago Technologies.