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TAKEAWAYS KEY
- Chip stocks are surging in premarket trading Monday after Taiwan's Foxconn posted record fourth-quarter revenue, driven by the boom in artificial intelligence (AI) demand.
- Foxconn, whose formal name is Hon Hai Precision Industry, attributed the gains strong demand from AI servers.
- The shares of Nvidia AMD TSMC ASML all rose.
Chip stocks are surging in premarket trading Monday after Taiwan’s Foxconn, which assembles Apple (AAPL) iPhones and Nvidia (NVDA) products, posted record fourth-quarter revenue—driven by the boom in demand for artificial intelligence (AI) technologies.
Foxconn (formally Hon Hai Precision Industry) announced on Sunday that the company’s fourth-quarter revenues increased 15% from last year to 2.132 trillion New Taiwan dollar ($65.09billion). The company’s sales in December rose by 42%, to NT$654.83billion.
"With strong demand from AI servers, revenue experienced strong growth YoY," the company said.
Hon Hai’s shares rose 2% on Taiwanese exchanges.
Nvidia CEO Huang To Deliver Keynote Today at CES
Foxconn's buoyant results are helping lift shares of AI chip companies early Monday.
Nvidia’s shares have risen 2% in pre-market trading before CEO Jensen Huang delivers the keynote speech at the CES show. Shares of Advanced Micro Devices, Micron Technology and Micron Technology are each up 3% or 4%.
In addition, U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. (TSM) and ASML Holding (ASML), the Dutch company that makes semiconductor-making machinery, are up 4.5% and 6%, respectively.
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