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S&P 500, NASDAQ Sink To Begin 2024 as Apple Slips

The stock market closed lower to start the year as Apple (AAPL) loses $100 billion in market capitalization.

Overall, S&P 500 declined 0.6% to 4,743, while NASDAQ fell 1.6% to 14,766.

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Chart of the Day

Here is the one-year chart of Broadcom (AVGO) as of December 13, 2023, when the stock was at $1,090.

Broadcom delivered mediocre results last quarter (6% profit growth on 4% revenue growth) and investors were so impressed that they drove the stock from around $900 to around $1100. Generative AI and AI accelerators were close to 20% of semiconductor revenue, which is a plus.

Broadcom also closed on its deal to acquire VMware which will likely take software revenue from a quarter of its total revenue to perhaps half. With the addition of VMware, Broadcom’s revenue growth is expected to climb from 4% last quarter to 31% this quarter. The company has some integration costs with VMware, so its expected to grow revenue 40% in 2024 while profits are expected to rise just 10% during the year.

AVGO is part of the Growth Portfolio and the Aggressive Growth Portfolio.

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