Broadcom shares rocketed higher Friday, a day after the company’s fiscal fourth-quarter results topped expectations, leading several analysts to raise their price targets.

Futures contracts indicated the tech-heavy Nasdaq Composite would open 0.8 per cent higher and the broader S&P 500, 0.4 per cent. Shares in Nvidia, the leading AI-related semiconductor maker, were up 1.6 per cent.

The move marks Broadcom’s best on day returns in more than five years and puts the Semiconductor company’s market cap at a value of over $1 trillion. Investors traded shares of Broadcom on heavy volume – though not its heaviest in the last three months – following the company impressive earnings report on Thursday.