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 compared to the previous year. This strong sales performance was primarily 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.
surged on Monday, with Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest chipmaker, reaching a record high. Foxconn attributed its strong revenue to the growth in its cloud and networking products, while computing products and smart consumer electronics, which include iPhones and other smartphones, saw 'slight declines'. In Asia, TSMC reached a record high on Monday, closing 1.9% higher in Taiwan. Other Asian chip firms also experienced gains in share prices – South Korea's SK Hynix and Samsung rose 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%. Stateside, Nvidia benefited from Foxconn's strong performance, climbing 2% in U.S. premarket trading. Microsoft, among other tech giants, is investing heavily in GPUs (graphics processing units) from Nvidia to train and run the most advanced AI models. AMD, Nvidia's main competitor, rose 3% in pre-market trading Monday, while fellow U.S. chip firms Qualcomm and Broadcom both climbed almost 2%
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