Broadcom Stock Is Spiking Again. It’s the Top Performer in the S&P 500 Today.

Shares of the chip maker are on pace to hit another record high Monday. (Patrick T. Fallon/Bloomberg)

Broadcom was the top performer in the S&P 500 Monday as the chip maker and software company‘s hot start to September continued.

The stock hit a record high Friday after beating analysts’ estimates for third-quarter revenue and earnings, and announcing $10 billion in artificial-intelligence orders from a mystery client. Many on Wall Street believed the client to be OpenAI, and the Financial Times later reported the two companies were working together. The Wall Street Journal also reported that OpenAI was the Broadcom customer.

Broadcom shares were on pace for another record Monday, climbing 4.7% to $350.48. The stock has risen 10 of the past 11 sessions and has jumped 18% this month, including Monday’s performance.

Broadcom makes semiconductors for networking, broadband, server storage, wireless, and industrial uses. The company also is a leading maker of artificial intelligence application-specific integrated circuits, or AI ASICs.

Other semiconductor stocks were mixed Monday. Nvidia was up 1.9%, while Intel was falling 0.9%, and Advanced Micro Devices was off 0.8%.

Write to Nate Wolf at nate.wolf@barrons.com