Citi believes Broadcom’s third accelerator customer is Bytedance

Citi reiterates a Buy rating on Broadcom with a $1,560 price target after held an artificial intelligence infrastructure analyst day. Broadcom announced it now has a third customer for its accelerator business which Citi believes is Bytedance, the analyst tells investors in a research note. The firm says Broadcom also talked about the future of AI systems where it expects AI “clusters” with as many as a million chips strung together.