There’s a new trillion-dollar AI chip maker in town. The old one is still going to do just fine. Broadcom’s fiscal fourth-quarter report last week included a long-term forecast for its artificial-intelligence business that has lighted up its stock price and pushed the company’s market capitalization past $1 trillion.

Broadcom Inc.’s massive rally after last week’s earnings report is reminiscent of when Nvidia Corp. shares first started to take off back in 2023. The chipmaker now needs to prove it can follow through to become another giant of the artificial intelligence era.