Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
Recent developments in the tech industry have spotlighted significant financial achievements and product announcements from major players such as Foxconn and Nvidia (NASDAQ: NVDA). Foxconn has reported a notable surge in revenue, driven by the increasing demand for AI servers, while Nvidia is set to unveil its next-generation graphics cards at CES 2025. These events are coupled with notable stock movements like MU, SMCI, NVDA, and TSM in today’s trading session.
Foxconn’s Financial Triumphs and Nvidia’s Upcoming Product Launch
Taiwan’s Foxconn, a key assembler for tech giants like Apple (NASDAQ: AAPL) and Nvidia, has announced record-breaking revenue figures for the fourth quarter of 2024. The company reported a revenue of NT$2.132 trillion, approximately $64.75 billion, marking a 15% increase from the previous year.
This growth is primarily attributed to the heightened demand for AI servers, an area where Foxconn has seen substantial success. Despite a minor decline in the smart consumer electronics segment, the company’s overall annual sales climbed by 11% to NT$6.860 trillion. Looking ahead, Foxconn anticipates continued growth in the first quarter of 2025, even as it approaches the traditionally slower season.
Nvidia is poised to significantly impact CES 2025 by announcing its latest RTX 5000 graphics cards. These new products are expected to feature cutting-edge gaming and AI functionalities, potentially accompanied by a price rise.
The flagship RTX 5090 is rumored to boast 32GB of GDDR7 memory, setting a new standard in the industry. Nvidia’s keynote will also explore its advancements in AI, virtual environments, and autonomous vehicle technology, promising a comprehensive showcase of its future endeavors.
Join our Telegram group and never miss a breaking story.
Foxconn Revenue Figures Lead to a Rally
The stock market has seen notable activity among several tech companies. MU’s stock opened at $95.64 and reached a high of $100.21, with a current trading price of $99.71. This represents a strong performance within its 52-week range of $79.15 to $157.54. The company maintains a market cap of $111.09 billion and a recommendation to buy, with a target mean price of $131.16.
Similarly, SMCI’s stock has experienced an upward trajectory, opening at $34.95 and currently trading at $36.63. The stock’s 52-week range spans from $17.25 to $122.9, reflecting its volatility. With a market cap of $21.45 billion, the stock holds a hold recommendation and a target mean price of $40.34.
Nvidia (NVDA) has also demonstrated significant stock activity, opening at $148.59 and currently trading at $151.99. The company’s 52-week range extends from $49.479 to $152.89, reflecting its strong market position. With a market cap exceeding $3.72 trillion, Nvidia is recommended as a strong buy, supported by a target mean price of $172.80.
Meanwhile, TSM has seen its stock price rise to $220.00 from an opening of $218.77, nearing its 52-week high of $221.84. The company’s robust market cap of over $1.14 trillion and a strong buy recommendation emphasize its solid market standing, with a target mean price of $232.78.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
The post Foxconn Achieves Record Revenue of $64.75 Billion Amid AI Server Boom appeared first on Tokenist.