Shares of (NASDAQ: AVGO) have surged impressively in the past year with gains of 96%, and the good part is that this semiconductor giant looks all set to sustain its solid momentum following the mid-June release of its fiscal 2024 second-quarter results (for the three months ended May 5).

Not only did the chip giant's revenue and earnings coast past consensus estimates, but management also announced a 10-for-1 forward stock split that will go into effect on July 15. This makes Broadcom the latest company to join the stock-split club, and it wasn't surprising to see management making this move.

After all, Broadcom's terrific rally in the past year, which has been fueled by the growing demand for its artificial intelligence (AI) chips, has brought its share price to more than $1,700. CFO Kirsten Spears said the stock split is being executed to "make ownership of Broadcom stock more accessible to investors and employees."

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Source Fool.com