Broadcom (NASDAQ: AVGO) doesn't have the same name recognition as some of its peers, like Nvidia, but that doesn't make the company any less influential in the artificial intelligence (AI) space. The company is making huge waves in the AI semiconductor market as companies ramp up spending to build new AI infrastructure.

There is no shortage of warnings about the U.S. stock market’s high valuation, but a deeper look into sectors shows quite a bit of variation.

Since the start of 2023, the S&P 500 has put up a ridiculous total return of 62%. That's an unbelievable gain that's well above historical norms for the widely followed benchmark. Unfortunately, not all businesses have benefited from the bullish sentiment.