Broadcom (NASDAQ: AVGO) stock is climbing higher in Tuesday's trading. The company's share price was up 5.2% as of 2 p.m. ET, according to data from S&P Global Market Intelligence.

Broadcom stock is gaining ground today following Apple's presentation of new mobile and wearable hardware yesterday. Following the event, KeyBanc published a report that listed Broadcom as one of the likely components winners from the launch of Apple's upcoming iPhone 16 lines.

At its "Glowtime" event yesterday, Apple unveiled four new phones: iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max. The mobile hardware leader also unveiled new AirPods, two new Apple Watch devices, accessories, and software, but it's the mobile hardware line that's most significant for Broadcom.

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Source Fool.com