Semiconductor company Broadcom (NASDAQ: AVGO) had outstanding results last year compared to many other tech companies; it only produced a loss of 13% in 2022. In comparison, the Technology Select Sector SPDR Fund, an exchange-traded fund that tracks an index of S&P 500 technology stocks, lost 28%, while the whole S&P 500 had an 18.1% loss.

As a result, Broadcom was one of the few tech companies with a better total return than the S&P 500 in 2022.

Considering that the macroeconomic environment is terrible and the chip industry is in the middle of a bad cyclical downturn, it is hard to believe that this company can outperform in this market. Yet, Broadcom bulls think it can continue to do well relative to its peers, even in a recession. Here's why.

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Source Fool.com