Broadcom shares gain $38 billion in a single day

Broadcom shares rose 3.3% on Tuesday, hitting an all-time high, adding $38 billion to its market value in a single day.

These gains came after it announced the start of shipping its latest networking chip, which aims to accelerate artificial intelligence, according to Reuters.

Ramm Velaga, the company’s senior vice president, said the chip, called Tomahawk 6, boasts double the performance of the previous version, along with other traffic control features, significantly increasing the efficiency of the networking chip.