Broadcom’s overall guidance may not have wowed Wall Street after the stock’s big recent run, but “AI is strong and getting stronger,” one analyst noted.

Broadcom shares traded lower Friday following a mixed set of fiscal second-quarter earnings that should still underscore the semiconductor and software company’s compelling position in the artificial-intelligence-investment race.

Broadcom Inc., a chip supplier to companies like Alphabet Inc. and Apple Inc., gave a lackluster revenue forecast for the current quarter, suggesting that the AI spending frenzy isn’t as strong as some investors anticipated.