(NASDAQ: AVGO) stock has stitched together impressive gains of 43% so far in 2024, easily outpacing the 22% gains clocked by the PHLX Semiconductor Sector index this year, and that's not surprising as the semiconductor giant has been delivering solid quarterly results of late, thanks to the growing demand for its custom chips.

Artificial intelligence (AI) is playing a central role in giving Broadcom's business a boost. More specifically, Broadcom said in June that it was on track to generate more than $11 billion in revenue this year from sales of AI chips. However, a closer look at the company's recent quarterly results shows that its AI revenue could end up at stronger levels, which is why investors who haven't bought this semiconductor stock should consider buying shares before it releases its earnings report on Thursday.

Broadcom will release its fiscal 2024 third-quarter results on Sept. 5 after the markets close. Analysts are expecting $1.20 per share in earnings on revenue of $12.96 billion.

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Source Fool.com