The chip designer reported rapid revenue growth as demand continues to rise for chips to fill the data centers that power artificial-intelligence models.

Investors pulled back from the chip firm despite beating Wall Street’s expectations for quarterly earnings and revenue.

Broadcom Inc. delivered strong fiscal Q4 results, beating estimates with 28% revenue growth. Click here to read why AVGO stock is a Hold.

Benchmark: With Broadcom's stock climbing more than 120% over the past year, profit-taking would have triggered a selloff regardless of the latest results, Acree said. The latest release included Anthropic orders of $21 billion over the past two quarters and an AI order backlog of $73 billion over the next six months, he added.

Broadcom Inc. has been one of the hottest stocks in the market this year, driven by the enthusiasm for all things artificial intelligence. But with its quarterly earnings due after the close Thursday,