Broadcom shares pop over 9%, on track for biggest one-day surge in a year. What’s driving the rebound?

Broadcom shares gained 9.5% to $321 in Monday’s trade after the company announced a series of developments around its VMware business and Kubernetes ecosystem, including the acceptance of its Virtual Machine (VM) API project into the Cloud Native Computing Foundation (CNCF) Sandbox.

The rally marked a sharp reversal from the recent sell-off and put the stock on track for its biggest single-day gain in a year.