After Nvidia's (NASDAQ: NVDA) massive 2023 run, investors are now looking for the next big AI stock to enjoy similar growth and profitability.

(NASDAQ: AVGO), which is actually the second-largest semiconductor company in the U.S. and fourth-largest globally by market cap, soon found favor with investors as another lower-priced AI play this year.

As its name implies, Broadcom has a diversified and highly profitable portfolio across several technology end markets. Yet about 15% of its revenue is directly involved in booming generative AI applications. These include its market-leading switching and routing chips needed to direct data around and between data centers, along with custom ASIC compute offload engines that are now being incorporated into non-Nvidia AI accelerators like Alphabet's tensor processing units.

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Source Fool.com