Broadcom is leading the S&P 500 in December, with shares of the tech company gaining 51% so far this month, according to Dow Jones Market Data. That puts Broadcom stock on track for its best month on record.

Broadcom's quarterly report suggests that the demand for alternative AI chips such as ASICs is increasing rapidly. Nvidia dominates the market for AI GPUs so the emergence of other types of chips to tackle AI workloads doesn't bode well for the chipmaker.