Global chip stocks rise on Foxconn’s record revenue

Global semiconductor stocks rose on Monday after contract electronics maker Foxconn reported record fourth-quarter revenue, suggesting the AI ​​boom still has plenty of room to grow.

Foxconn said in a statement yesterday that its fourth-quarter revenue reached $63.9 billion, up 15% year-on-year.

Shares of several semiconductor companies in Asia, Europe and the United States rose as a result. In Asia, TSMC hit an all-time high on Monday and closed up 1.9% in Taiwan.

TSMC, the world’s largest semiconductor maker, makes chips for companies such as AMD and Nvidia. Shares of South Korean companies SK Hynix and Samsung Electronics also rose nearly 10% and 4%, respectively, according to CNBC.

In Europe, ASML, a world-class semiconductor equipment maker, saw its shares rise about 6%, while Dutch chipmaker ASMI gained about 5%. Germany’s Infineon rose more than 6%. Paris-listed European chipmaker STMicroelectronics gained about 6%. In the U.S., Nvidia got a boost from Foxconn’s results, rising 2% in U.S. premarket trading. Microsoft’s announcement late last week that it plans to invest $80 billion by 2025 in data centers that can handle AI workloads also boosted chip stocks on Monday.