The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

Broadcom Inc (NASDAQ:AVGO) is one of Renaissance Technologies’ top semiconductor stock picks. Broadcom shares have gained more than 20% year-to-date and soared around 80% over the past 12 months.

On May 26, Broadcom Inc (NASDAQ:AVGO) announced the launch of a new broadband technology designed to support AI applications and next-generation home networks.

The company introduced the BCM68850, which it described as a 50G PON home gateway system-on-chip. It said this system-on-chip includes an integrated neural processing unit and support for Wi-Fi 8. This product is designed to help network operators manage growing broadband traffic and AI workloads at the network edge.

According to Broadcom, the platform is intended to support applications that require high bandwidth and low latency. It said the system processes large amounts of data in short bursts to reduce congestion and maintain stable network performance.

The BCM68850 is part of Broadcom’s 50G PON portfolio. It joins the company’s offerings, such as the BCM68660 optical line terminal chip and the BCM55050 optical network terminal platform. Broadcom said the latest launch completes its end-to-end 50G broadband offering.

Broadcom said the new system also includes built-in AI processing capabilities. This enables it to support edge computing tasks, predictive network management, and enhanced security features.

Broadcom Inc (NASDAQ:AVGO) designs, develops, and supplies a wide array of semiconductor components software for modern computing. It also offers infrastructure software solutions. Broadcom’s products are used in data center, networking, storage, and broadband markets.

While we acknowledge the potential of AVGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: Top 10 Stocks to Buy for Long Term and 8 Stocks That Could 10X by 2030.

Disclosure: None. Follow Insider Monkey on Google News.