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. The company's strong sales performance was primarily driven by growth in cloud and networking products, which include AI servers designed by companies like chipmaker Nvidia.
Shares of several semiconductor firms across Asia, Europe, and the United States rose on Monday, with Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest chipmaker, reaching a record high. Foxconn attributed its revenue growth to its cloud and networking products, which encompass AI servers. Computing products and smart consumer electronics, including iPhones and other smartphones, showed slight declines. 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 nearly 6%, while fellow Dutch chip company ASMI's stock rose almost 5%. Germany's Infineon surged more than 6%. In the United States, Nvidia, which benefited from Foxconn's strong performance, climbed 2% in premarket trading. Microsoft and other tech giants are 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, while fellow U.S. chip firms Qualcomm and Broadcom both climbed nearly 2%
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