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Key News Facts
In the second quarter of 2023, Ken Griffin’s Citadel Advisors sold 99% of its stake in Broadcom (NASDAQ: AVGO) and initiated a small position in Palantir Technologies (NASDAQ: PLTR). This strategic move comes as Broadcom is perceived as a strong player in the AI hardware market, while Palantir’s valuation has drawn criticism, trading at 340 times adjusted earnings despite forecasted growth of 37% annually through 2026.
Broadcom, a leader in Ethernet networking chips and AI accelerators, is projected to have adjusted earnings growth of 36% annually through the fiscal year ending in October 2026. Palantir, on the other hand, has seen its customer count double over the last two years, reflecting strong demand for its analytics software, but its stock price hit $180, indicating potential downside based on analyst price targets.
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