(NASDAQ: AVGO) stock has been riding the tech wave higher all year. But shares broke out this week after the company released fiscal 2024 second-quarter results. The stock has surged this week by about 20% as of Thursday afternoon trading, according to data provided by S&P Global Market Intelligence.

That has led to a more than 50% gain in Broadcom stock so far this year. Shareholders can thank both the artificial intelligence (AI) boom as well as Broadcom's nearly $70 billion acquisition of VMware that closed late last year.

Even prior to Broadcom's earnings announcement, the stock had pushed more than 6% higher this week. That's because investors are beginning to grasp just how broad spending has become for AI-related products.

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Source Fool.com