Foxconn's Q4 Revenue Surge Driven by AI Demand, Boosts Global Chip Stocks

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 Nvidia. Shares of several semiconductor companies across Asia, Europe, and the U.S. surged on Monday, with TSMC, the world's largest chipmaker, reaching a record high.

While computing products and smart consumer electronics, which include iPhones and other smartphones, saw slight declines, Foxconn emphasized the significant contribution of cloud and networking products to its revenue growth. Other Asian chip firms also experienced share price gains, 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 benefited from Foxconn's positive results, climbing 2% in premarket trading. Microsoft, among other tech giants, is investing heavily in Nvidia's GPUs (graphics processing units) to train and run advanced AI models. AMD, Nvidia's main competitor, rose 3% in premarket trading Monday, while fellow U.S. chip firms Qualcomm and Broadcom both climbed almost 2%

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