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Monday, Jun 17, 2024

OC Insider: Rising Tides

Broadcom (Nasdaq: AVGO) in December became one of the 10 most valuable public companies in the U.S. after it completed its $69B takeover of VMware.

The chipmaker now counts a valuation near $560B, up nearly 100% year-over-year.

That’s good news for Henry Samueli, who as of last year counted a nearly 2.1% stake in the firm he co-founded in Irvine (now worth about $11.7B) before selling it to Avago Technologies in 2016 for $37B. After the sale, the San Jose-based buyer kept the Broadcom name—and Samueli, who is the company’s chairman.

Samueli recently told the Business Journal that “never in my wildest dreams” did he imagine that Broadcom, which still has a large employee base in Irvine, would have grown to its current size.

“Most of that growth has come from the brilliant merger and acquisition strategy of CEO Hock Tan, who has assembled some of the leading semiconductor and infrastructure software assets in the world,” he said.

Broadcom’s growth has helped spur the Samueli family’s philanthropic efforts in OC; their foundation’s $50M gift to UCI’s engineering school ranks No. 2 on this week’s list of Largest Charitable Gifts of 2023, see page 16 for more.

“The success of Broadcom has blessed my wife, Susan, and I to become deeply involved in the Orange County community. We created the Samueli Foundation in 1998 and have focused the majority of our giving in Orange County,” Samueli said.

“We certainly hope that we are having a positive impact on the quality of life in the wonderful community that we live in.”

Those Henry Samueli quotes were part of a larger article on Broadcom sent to us by a reporter with local ties, and very good connections: Radley Copps, a high school senior at SJC’s St. Margaret’s Episcopal School.

In addition to journalism, Copps’ LinkedIn page notes that he’s a nonprofit founder and finance specialist, who interned last summer at the Samueli’s H&S Ventures investment office and at Newport Beach wealth adviser Corient.

Costa Mesa’s Park Club has opened, adding to a growing local base of private clubs catering to business execs.

After upgrading and redeveloping the space of the former Center Club at the Center Tower office next to the Segerstrom Center for the Arts, BNG Hospitality on Jan. 26 held a grand opening event.

Notables in attendance included Vizio founder and CEO William Wang and his wife, Sakura; Burnham Benefits President and CEO Kristen Allison and her husband, Innovate Partners Principal Robert Allison; numerous execs representing South Coast Plaza; and Business Journal Publisher Richard Reisman.

Looking for a new, and big, TV for your Super Bowl Party?

Vizio’s William Wang says his team recommends the 75” Quantum Pro; while low on inventory the TVs will be on sale this week at Amazon and Walmart, for $899.

The TVs offer a “great viewing angle performance for all your family and friends to watch,” and specialize in making “everything look great for fast-action sports,” according to the Irvine-based company.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.

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