who else to talk about it but our cnbc reporter arjun kharpal. is this a celebratory you turtleneck? >> reporter: i thought i would address the part. frank, for the sector and all of the people in thesector, for years, they told me bitcoin will hit $100,000. i have been waiting and waiting. it is important how we got here. i think there are a few reasons. one, you cannot deny the impact the election of donald trump has here. he spoke about things like having a bitcoin reserve in the u.s. tax-free transactions is hope for the industry that the u.s. may be able to regain some kind of lead in the crypto blockchain space. the announcement that pat gelsinger would step down from the s.e.c. he was a villain in the crypto space. they always said we need gelsinger out for this to move forward. nomination of paul atkins and if he gets that. the third factor is a feeling that crypto is going mainstream in the financial industry, particularly with the launch of the etfs earlier this year and other large, more traditional institutions talking about dabbling

cnbc senior technology reporter arjun kharpal is joining me on this. is this gaining so much strength? >> reporter: the latest quarter, broadcom's revenue was up 51% year on year. nvidia, meanwhile, posted over $35 billion in revenue up 94% year on year. broadcom trades at a higher pe, but nvidia is getting backing from investors. there is a sense that investors are looking for the next nvidia. the company that will give them the outside returns riding this a.i. wave. you are seeing that rotation happen there. it is important to note also that broadcom and nvidia are not necessarily an apples to apples comparison. there is still no real challenge in this space. meanwhile, broadcom is designing custom chips for google, amazon or microsoft. why the hyper scalers need the chips, they are looking for the custom silicon design to used for certain tasks or processes. they sell the services through the cloudy division. one reason is because of the broadcom ceo who said the hyper scalers developed chips on the broadcom platform deployed over the next three yea

margherita della vella and arjun kharpal. >>> coming up on the show, jay powell speaks out about the.s. economy. we'll bring you his comments after this break. for nearly 200 years, big beverage companies have been selling us billions of single-use sugary drinks. using the same old one size fits all playbook. think about it, we've seen technological advancements in every other aspect of our lives. but the beverage industry has been stuck in the past. until now. meet cirkul, the beverage platform of the future. transforming water into your favorite beverage. cirkul - your water, your way. ♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪ >>> welcome back to the show. now bitcoin has passed $100,000 for the first time after more than doubling since donald trump secured the victory in the november presidential election. the incoming president is seen as a bull for the sector touting crypto throughout his campaign. meanwhile, jay powell compared bitcoin to gold on wednesday and said it is not a competitor for the dollar. >>> in the economic data front, priv

arjun kharpal, cnbc. >> you got to love it. experts think it is going up.hat about the ones short of it? that's dangerous. the leverage plays on crypto. it's volatile enough as it is. >>> anyway. coming up on the show, chinese president xi jinping says the country is on track to hit its 5% growth target for 2024. we'll bring you more next. z's bakery is looking to add a pizza oven, arissa's hair salon wants to expand their space, and steve's t-shirt shop wants to bring on more help. with the comcast business 5-year price lock guarantee, they can think more about possibilities for their business and not the cost of their internet. it's five years of gig-speeds and advanced security. all from the company with 99.9% network reliability. get the 5-year price lock guarantee, now back for a limited time. powering five years of savings. powering possibilities™. before i started playing basketball, i was kind of quiet. i wasn't really that confident or outgoing. but now, with basketball, i feel like a leader. yo, cayden! sport for good means to me that i'll be able