Broadcom has announced a 10:1 stock split to make its shares more affordable for investors and employees. This move follows similar actions by other technology companies whose stock prices have also risen significantly.

The stock price of the chip and software manufacturer has risen significantly due to the increasing demand for artificial intelligence (AI). On Wednesday, Broadcom reported once again a quarter with strong demand, with about a quarter of its revenue coming from AI products.

After the announcement of the stock split, Broadcom's shares rose another 13% to $1,696 in after-hours trading. Since the beginning of the year, the stock has gained approximately 69% and closed at a record high on Wednesday.

The stock split becomes effective through an amendment to the company's bylaws. Each holder of Broadcom shares will receive nine additional shares for each share held. Stock splits of expensive stocks are often a positive signal for future price development. According to analysts from Bank of America, the average returns one year after the announcement of stock splits are 25%, well above the average of 12% for the S&P 500.

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"Nvidia, another manufacturer of AI chips, recently conducted a 10-for-1 stock split to improve accessibility for investors. The company also reported record results driven by the AI boom.

Broadcom shares will be traded on a split-adjusted basis starting July 15. The company's revenue rose 43% in the last quarter to $12.49 billion, surpassing analysts' expectations. Revenue from infrastructure software nearly tripled compared to the previous year.

Broadcom reported earnings of $2.12 billion, or $4.42 per share, for the quarter ended May 5, compared to earnings of $3.48 billion, or $8.15 per share, in the previous year. After accounting for one-time costs and expenses, the adjusted earnings exceeded Wall Street's expectations.

The company raised its revenue forecast for the current fiscal year to 51 billion USD, after previously forecasting 50 billion USD.