Foxconn's impressive Q4 2024 revenue, fueled by strong demand for cloud and networking products, including AI servers, sparked a surge in semiconductor stocks globally.
Hon Hai Precision Industry, known internationally as Foxconn , reported revenue of 2.1 trillion New Taiwan dollars ($63.9 billion) in the fourth quarter of 2024, a 15% increase year-over-year. This strong performance was fueled by growth in cloud and networking products, including AI servers similar to those designed by chipmaker Nvidia. Shares of several semiconductor companies across Asia, Europe, and the U.S. rose on Monday, with TSMC, the world's largest chipmaker, reaching a record high.
The company's robust revenue was driven by its cloud and networking products, which encompass AI servers, while computing products and smart consumer electronics, including iPhones and other smartphones, saw 'slight declines,' Foxconn stated. In Asia, TSMC hit a record high on Monday, closing 1.9% higher in Taiwan. Other Asian chip firms also experienced share price increases, with South Korea's SK Hynix and Samsung rising nearly 10% and 4%, respectively. In Europe, ASML, a globally critical semiconductor equipment firm, saw its shares jump almost 6%, while fellow Dutch chip company ASMI's stock rose almost 5%. Germany's Infineon surged more than 6%. In the U.S., Nvidia received a boost from Foxconn's figures, climbing 2% in U.S. premarket trading. Microsoft is among several tech giants investing heavily in GPUs (graphics processing units) from Nvidia to train and run the most advanced AI models. AMD, Nvidia's closest competitor, rose 3% in pre-market trading on Monday, while fellow U.S. chip firms Qualcomm and Broadcom both climbed almost 2%
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