Advanced Micro Devices on Wednesday announced a new $6 billion stock buyback plan, joining a string of chipmakers that are looking to reduce their float as the AI trade that has powered their shares shows some signs of slowing.

While this bodes well for Nvidia and AMD, another industry darling is positioned to benefit from these tailwinds. Broadcom's AI business is thriving thanks to cloud hyperscalers, suggesting the stock could be an interesting buy.