Elaborating on the company's admirable performance is CEO Hock Tan. He explains, "Broadcom's record first-quarter results were driven by strong enterprise demand, and continued investments in next-generation technology by hyperscale and service providers." The semiconductor firm is also guiding for revenue to be approximately $7.9 billion. This would be above current estimates of $7.42 billion. Overall, given the chip supply shortage and increasing demand, AVGO stock could have more room to grow this year.