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Shares of Broadcom (AVGO) are approaching new heights, with the stock trending toward an all-time high closing price for four consecutive days. The chipmaker's share price has surged nearly 30% over the past month, significantly boosted by revived AI trade enthusiasm following Nvidia's (NVDA) robust performance last week.

Broadcom shares have experienced an impressive climb, increasing over each of the past seven trading sessions. They reached a record intraday high of $265.43 on Wednesday before settling at around $261. By mid-Thursday, shares were trading close to $263.

The chipmaker is set to report its quarterly earnings after the market closes on Thursday. Market expectations suggest that the stock price could fluctuate by around 6.4% in either direction on Friday, which could propel the stock to a new high of approximately $277 or bring it down to about $244, the level it was a week ago.

With its recent surge, Broadcom’s share price has now surpassed the analyst consensus price target of $252, as tracked by Visible Alpha. Out of 14 brokers, 13 have given a "buy" or equivalent rating, with only one recommending "hold."

Contributing to this surge, Broadcom recently commenced shipping its Tomahawk 6 series of advanced data center switches. According to the company, these switches boast double the bandwidth of any other Ethernet switch available on the market.