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Hon Hai Precision

Hon Hai Precision is the world's largest contract manufacturer of consumer electronics, communications, and computer products. It is the biggest supplier to Apple, whose business accounted for around 54% of overall revenue in 2023. Hon Hai is also involved in the production of upstream components such as electronic connectors, semiconductor packaging, and metal casings for smartphones. These upstream activities are mainly conducted through its listed majority-owned subsidiaries Foxconn Industrial Internet and FIH Mobile. In response to its traditional end markets of computers, smartphones, and telecom equipment maturing in 2019 it started on a strategy to develop expertise in three new growth areas—electric vehicles, digital health, and robotics.

HON HAI PRECSON S/GDR NEW by Hon Hai Precision Industry Co. Ltd.

Hon Hai Precision Industry Co Ltd

Charlie Giancarlo, CEO of Pure Storage, has raised concerns about U.S. tax laws pushing companies to relocate their operations abroad. This comes as businesses strive to maintain competitiveness in the global market.
What Happened: Giancarlo highlighted in an interview that current U.S. tax policies are forcing companies to consider moving their operations overseas. He pointed out that while tariffs have offered some relief, they are not the ultimate solution, Barron&#8217;s <a href="https://www.barrons.com/amp/articles/tech-pure-storage-ceo-interview-taxes-manufacturing-005625f7">reported</a> on Monday.
"It's a set of different tax laws and labor laws and so forth that make manufacturing in the U.S. economically a competitive disadvantage," he said.
Pure Storage has adopted a global manufacturing approach, with significant operations in Southeast Asia, Europe, and the U.S., collaborating with outsourcing partners like Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>). The company, which serves 60% of Fortune 500 firms, including Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and NASA, is closely monitoring potential tax reforms under President-elect Donald Trump. S&amp;P Global suggests that a reduced corporate tax rate could boost domestic production and reduce overseas business activities.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42014985/matt-gaetz-to-be-confirmed-as-attorney-general-in-a-trump-administration-not-so-fast-polymarket-traders-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Matt Gaetz To Be Confirmed As Attorney General In A Trump Administration? Not So Fast, Polymarket Traders</a>
However, S&amp;P Global also notes the uncertainty surrounding the broader economic impact of such tax changes. Companies like Pure Storage are awaiting new tariffs and trade policies to assess the future U.S. tax landscape.
Why It Matters: The discussion around U.S. tax policies is gaining momentum as Donald Trump&#8217;s<a href="https://www.benzinga.com/government/regulations/24/11/41885777/how-trumps-tax-cuts-tariffs-animal-spirits-could-shape-sp-500-earnings"> return to the White House</a> brings potential pro-business policies into focus. Analysts are adjusting their forecasts for S&amp;P 500 earnings, considering Trump&#8217;s possible policy changes, which include tax cuts and deregulation. However, trade tariffs on Chinese imports remain a potential threat to corporate earnings.
Trump&#8217;s proposal to lower the federal corporate tax <a href="https://www.benzinga.com/startups/24/10/41291635/are-trumps-proposed-corporate-tax-cuts-the-key-to-unleashing-a-stock-market-boom-heres-what-history">rate from 21% to 15%</a> has sparked debate. Some view it as a catalyst for economic growth and a stock market boom, while others remain skeptical. Historical data suggests that such tax cuts could increase U.S. GDP by 0.4% and create approximately 93,000 full-time jobs, according to the Tax Foundation.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To&nbsp;Broaden Out&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Government

News

Regulations

Global

Tech

General

CMCSA

HNHPF

Meta, Comcast And NASA Supplier CEO Says US Tax Laws Are Driving Business Exodus, All Eyes On Trump For Policy Change

Over the week, the tech world buzzed with significant developments. From potential policy shifts affecting Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) suppliers to Japan&#8217;s leap into the AI industrial revolution, the landscape is changing rapidly. Here&#8217;s a quick roundup of the top stories.
Nvidia, Apple Suppliers Brace for Policy Changes
Key suppliers for Nvidia and Apple, including Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, Pegatron Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PGTRF#OTC">PGTRF</a>), and Quanta Computer (OTC:<a class="ticker" href="https://www.benzinga.com/stock/QUCCF#OTC">QUCCF</a>), are gearing up for a potential surge in U.S. investments amid potential trade policy shifts under a possible second term for Donald Trump.
<a href="https://www.benzinga.com/24/11/42001994/nvidia-and-apple-suppliers-brace-for-trumps-return-foxconn-pegatron-quanta-ready-for-rapid-us-investment-surge-amid-trade-policy-shifts">Read the full article here.</a>
Nvidia and SoftBank&#8217;s AI Supercomputer in Japan
In a significant move towards becoming a global AI powerhouse, Nvidia and SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) announced a partnership to establish Japan&#8217;s most powerful AI supercomputer. The collaboration, unveiled at the Nvidia AI Summit Japan, will leverage Nvidia&#8217;s advanced Blackwell platform.
<a href="https://www.benzinga.com/news/global/24/11/41929194/nvidia-and-softbank-to-build-japans-top-ai-supercomputer-on-blackwell-platform-jensen-huang-says-tokyo-is-leaping-into-the-ai-industrial-revolution">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/media/24/11/41927913/amazon-confirms-vendor-data-breach-affecting-2-8m-employee-contacts-adds-to-growing-list-of-moveit-hack-victims?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Confirms Vendor Data Breach Affecting 2.8M+ Employee Contacts, Adds To Growing List Of MOVEit Hack</a>
AMD&#8217;s Workforce Cut Amid AI Chip Development Shift
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) has reportedly decided to lay off approximately 1,000 employees, representing 4% of its global workforce. The move is part of AMD&#8217;s strategic shift towards AI chip development to compete with Nvidia in the data center chip market.
<a href="https://www.benzinga.com/24/11/41961230/amd-plans-to-cut-4-of-workforce-amid-strategic-shift-toward-ai-chip-development-to-rival-jensen-huang-led-nvidias-dominance-report">Read the full article here.</a>
Nvidia&#8217;s Blackwell Chip Revenue Forecast
Ahead of Nvidia&#8217;s third-quarter results announcement next week, Morgan Stanley analyst Joseph Moore has previewed the company&#8217;s outlook. Despite supply constraints on new products, Moore predicts several billion in revenue from Blackwell chips alone in the January quarter, with a more precise figure of between $5 billion and $6 billion.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41883803/nvidias-blackwell-chip-revenue-could-hit-6-billion-next-quarter-analyst">Read the full article here.</a>
AI Capabilities Plateau, Say Andreessen Horowitz Founders
The founders of venture capital firm Andreessen Horowitz have noted a plateau in artificial intelligence capabilities, citing data shortages and computational limitations as key barriers. This observation aligns with recent statements from Ilya Sutskever, co-founder of OpenAI and Safe Superintelligence (SSI), who acknowledged that results from traditional AI scaling approaches have plateaued.
<a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

AAPL

NVDA

PGTRF

QUCCF

SFTBF

Nvidia, Apple Suppliers Prepare For Policy Shifts, Japan's AI Leap, And AMD's Workforce Cut: This Week In AI

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) key suppliers — Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), popularly known as Foxconn, Pegatron Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PGTRF#OTC">PGTRF</a>), and Quanta Computer (OTC:<a class="ticker" href="https://www.benzinga.com/stock/QUCCF#OTC">QUCCF</a>) — plan to quickly increase U.S. investments <a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">should trade policies shift</a> under Donald Trump&#8217;s second term.
What Happened: Foxconn chairman Young Liu announced on Thursday that the company is ready to expand its U.S. operations. The company is a leading contract electronics manufacturer and has substantial production bases in Texas, Wisconsin, and Ohio.
&#8220;We can very quickly adjust&nbsp;our investment if necessary,&#8221; Liu said at an investor&#8217;s conference, <a href="https://asia.nikkei.com/Spotlight/Supply-Chain/Nvidia-and-Apple-suppliers-ready-to-boost-U.S.-investments-under-Trump">reported</a> Nikkei Asia.
Pegatron, a key supplier to Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Apple, is also prepared to respond swiftly to any policy changes.
&#8220;If necessary, we can quickly convert [our repair facility in Indiana] into production lines to accommodate policy changes [such as tariffs],&#8221; co-CEO Johnson Deng told investors, according to the report.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927379/elon-musk-says-the-prophecy-has-been-fulfilled-peanut-the-squirrel-themed-meme-coin-spikes-11?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says The &#8216;Prophecy Has Been Fulfilled&#8217; — Peanut The Squirrel-Themed Meme Coin Spikes 11%</a>
Quanta Computer&#8217;s cloud-computing subsidiary, QCT, is ready to expand its manufacturing capacity in California if needed, said the company&#8217;s president, Mike Yang.
&#8220;We have continued to expand our capacity there in the past two years and have space to further expand anytime if needed. We also have a footprint in Thailand as well.&#8221;
Why It Matters: During his campaign, Trump underscored his &#8220;America First&#8221; agenda and warned of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41953220/dollar-powers-to-4-month-highs-against-yen-trump-tariff-expectations-spark-carry-trade-frenzy">potential tariffs on various countries</a>, creating uncertainty for the tech supply chain.
Despite these political uncertainties, Foxconn and other leading tech suppliers continue to view artificial intelligence as the key growth driver for the industry through 2025, the report noted.
The stock market and cryptocurrency sector have seen <a href="https://www.benzinga.com/general/social-media/24/11/41912771/trump-presidency-magnificent-7-stock-impact-benzinga-readers-pick-tech-titan-at-most-risk-following-2024-election">significant growth since Trump&#8217;s victory</a>, with major U.S. stock indexes hitting record highs since Trump&#8217;s win against Vice President Kamala Harris.
Earlier this week, Yang Chin-long, the governor of Taiwan's central bank, <a href="https://www.benzinga.com/news/global/24/11/41972365/tsmcs-65b-investment-in-us-will-help-avoid-trade-imbalance-says-taiwan-central-bank-governor-as-trump-returns-to-white-house">voiced optimism about</a> Taiwan Semiconductor Manufacturing Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) upcoming $65 billion investment in U.S. factories.
&#8220;Chips and information and telecommunications products are what the U.S. needs most. I don't think the United States would penalize Taiwan,&#8221; he said during a legislative session on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41931993/dogecoin-tumbles-despite-elon-musk-vivek-ramaswamys-doge-appointment-this-is-what-indicators-tell-about-its-next-moves?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Tumbles Despite Elon Musk, Vivek Ramaswamy&#8217;s &#8216;DOGE&#8217; Appointment: This Is What Indicators Tell About Its Next Moves</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Markets

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MSFT

TSLA

Nvidia, Apple Suppliers Brace For Trump's Return: Foxconn, Pegatron, Quanta Prepare For Rapid US Investment Boom

Apple Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Taiwan-based supplier Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) reported its third-quarter results on Thursday. The company, also known as Hon Hai Precision Industry, said its profit margins improved across the board.
According to the company&#8217;s press release, its gross profit margin hit a quarterly record high not seen since 2017. Net profit attributable to owners of the parent company in the third quarter grew by 31% sequentially and 11% annually to NT$43.1 billion or $1.3 billion.
Gross profit margin and operating profit margin also displayed improvement on a sequential and annual basis. With an earnings per share at NT$3.11 or $0.095, the company reported revenue of NT$1.5432 or $47.3 billion indicating a quarterly increase of 18% but a 12% decrease year-on-year.
Also read: <a href="https://www.benzinga.com/tech/24/11/41963064/cathie-woods-ark-invest-says-energy-bottlenecks-cant-stop-ai-growth-companies-could-go-partially-off-grid">Cathie Wood&#8217;s Ark Invest Says Energy Bottlenecks Can&#8217;t Stop AI Growth: Companies Could Go Partially Off-Grid</a>
What Happened: Chairman and Chief Executive Officer, Young Liu said that the six operational pillars outlined at the beginning of this year, ranging from information and communications technology, and new business development to global footprint and ESG practice were implemented according to plan, despite a few challenges.
Liu also highlighted the important influencing factors to observe next year, which include, are monetary policy, inflation and the political and economic situation. &#8220;In addition, with global economic growth expected to slow down next year, the group will hold a relatively neutral view on the outlook for ICT in 2024. Hon Hai will do its best to maintain operational stability, meet customer needs, and leverage the company&#8217;s strengths,&#8221; he added.
Also read: <a href="https://www.benzinga.com/tech/24/11/41891237/apples-smart-camera-coming-in-2026-cupertino-eyeing-tens-of-millions-in-annual-shipments-says-top-supply-chain-analyst?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple's Smart Camera Coming In 2026, Cupertino Eyeing ‘Tens of Millions' In Annual Shipments, Says Top Supply Chain Analyst</a>
Why It Matters: &#8220;Hon Hai is transforming from a manufacturing service company into a platform solution company,&#8221; added Liu. The company&#8217;s proposed focus areas for the future include developing platforms for smart cities, smart manufacturing and smart electric vehicles.
With the ongoing artificial intelligence boom, the company said that it will focus on developing its three major platforms powered by AI factories. The AI factories will analyze a large amount of data and generate various new application content or solutions through self-learning.
On the electric vehicle front, the company in its press release said that it has a total of 51 projects in progress, of which 23 are in the discussion and development stage involving 14 potential customers.
<ul>
<li>Read next: <a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Capabilities Plateauing, Say Andreessen Horowitz Founders, Echoing Concerns Of OpenAI Co-Founder Ilya Sutskever</a></li>
</ul>
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Earnings

Earnings Beats

Earnings Misses

Equities

Press Releases

Apple's Key Supplier Foxconn's Gross Profit Hit 7 Year High In Q3, Aims To Expand AI Capabilities By Next Year

Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), widely known as Foxconn and a major Apple Inc. supplier, is set to expand its presence in Vietnam with an $80 million investment through its subsidiary, Shunsin.
What Happened:&nbsp;According to a document from Vietnam&#8217;s environment ministry, Shunsin aims to build a plant in Bac Giang province focused on producing integrated circuits, reported Reuters. 
The facility is expected to begin full-scale operations by December 2026, targeting an annual output of 4.5 million units.
Foxconn did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
The products from this plant will be exported primarily to the United States, the European Union, and Japan. This new investment follows Foxconn's July approval to invest $383 million in another facility in Vietnam for printed circuit boards.
Since entering Vietnam in the early 2000s, Foxconn has invested over $3.2 billion, with most of its facilities located in northern provinces like Bac Ninh and Bac Giang. Shunsin has not yet commented on the development.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/11/41686435/intel-says-it-wont-even-make-500m-from-gaudi-ai-chips-in-2024-despite-nvidia-minting-billions-ce?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Intel Says It Won't Even Make $500M From Gaudi AI Chips In 2024 Despite Nvidia Minting Billions: CEO Gelsinger Says Uptake ‘Slower Than We Anticipated'</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

Apple Supplier Foxconn Plans $80M Vietnam Chip Plant

The Internet Archive, a&nbsp;global digital library, has suffered a significant security breach and a DDoS attack, compromising <a target="_blank" href="https://www.benzinga.com/news/24/10/41266620/internet-archive-hit-by-major-security-breach-and-ddos-attack-31-million-accounts-compromised" rel="noreferrer noopener">data of 31 million accounts</a>.
Following a court ruling, Turkey has banned the widely-used instant messaging platform Discord, according to the country's Information Technologies and <a href="https://www.benzinga.com/news/24/10/41243847/erdo-ans-justice-minister-speaks-up-on-discord-ban-in-turkey-we-are-determined-to-protect-our-youth" target="_blank" rel="noreferrer noopener">Communication Authority or BTK</a>.
The U.N. revealed in a report that the messaging app&nbsp;Telegram, an&nbsp;encrypted messaging app, has been identified as a <a target="_blank" href="https://www.benzinga.com/news/24/10/41221289/telegram-the-new-frontier-for-criminal-gangs-un-report-uncovers-alarming-trends-in-organized-crime" rel="noreferrer noopener">major platform for criminal activities</a>.
In a cyberattack linked to the Chinese government, major U.S. broadband providers have reportedly been breached, potentially compromising systems used for <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit" target="_blank" rel="noreferrer noopener">court-authorized wiretapping requests</a>.
Billionaire entrepreneur and&nbsp;Dallas Mavericks&nbsp;owner&nbsp;Mark Cuban&nbsp;has shed light on the future of linear television and streaming platforms, highlighting the <a target="_blank" href="https://www.benzinga.com/news/24/10/41219900/mark-cuban-on-how-tv-will-evolve-in-the-future-says-he-saw-the-rise-of-netflix-like-platforms-before" rel="noreferrer noopener">crucial&nbsp;role of sports media rights</a>.
Gaming
Nintendo Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) has officially announced the "Nintendo Switch Online: Playtest Program," allowing up to 10,000 participants to test a new feature related to <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41280517/how-to-join-nintendos-playtest-program-to-experience-new-switch-online-feature" rel="noreferrer noopener">the&nbsp;Nintendo Switch Online service</a>.
FIFA has announced a fresh partnership with&nbsp;Konami Group ADR, marking the return of the<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41279567/fifa-partners-with-konami-for-efootball-fifae-world-cup-revival" rel="noreferrer noopener">&nbsp;FIFAe World Cup tournament</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) has revealed the full slate of new additions coming to the PlayStation Plus Games Catalog for October 2024, giving subscribers a variety of games to look forward to across <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41277228/playstation-plus-october-2024-dead-island-2-leads-spooky-lineup-of-14-games" rel="noreferrer noopener">both the&nbsp;Extra and Premium tiers</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41209970/netflix-analysts-turn-more-optimistic-ahead-of-earnings-expensive-for-a-reason" rel="noreferrer noopener">Netflix Analysts Turn More Optimistic Ahead Of Earnings: &#8216;Expensive For A Reason&#8217;</a>
Media, Communication &amp; Music
ByteDance-owned&nbsp;TikTok&nbsp;is facing legal action from&nbsp;13 U.S. states and the&nbsp;District of Columbia.&nbsp;The states accuse TikTok of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41243023/tiktok-gets-sued-13-states-and-dc-accuse-chinese-platform-of-boosting-corporate-profits-via-social-m" rel="noreferrer noopener">causing harm to its younger users</a>.
Following the success of "Oppenheimer," renowned director&nbsp;Christopher Nolan has reportedly joined forces with actor&nbsp;Matt Damon for a <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener">new&nbsp;</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener">Imax Corporation</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener"> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>)</a>.
Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) is gearing up to launch&nbsp;AI avatars&nbsp;that can communicate on behalf <a target="_blank" href="https://www.benzinga.com/news/24/10/41265317/zoom-custom-ai-avatars-can-now-deliver-messages-to-your-team-as-you-skipping-boring-remote-meetings" rel="noreferrer noopener">of users by posing as them</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41215414/goldman-sachs-raises-forecast-on-spotify-cites-user-engagement-growth-and-potential" rel="noreferrer noopener">Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue</a>
Technology
Advanced Micro Devices, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) disclosed plans for its next-gen&nbsp;MI350&nbsp;chip, aimed at competing with NVIDIA Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) new Blackwell system, with shipping anticipated&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41284533/nvidias-blackwell-chip-faces-amds-mi350-challenge-in-2025-ceo-lisa-su-says-beginning-not-the-end-of" rel="noreferrer noopener">in the second half of&nbsp;2025</a>.
Advanced Micro Devices launched several new high-performance computing solutions at the event, including fifth Gen AMD EPYC server CPUs, AMD Instinct MI325X accelerators, AMD Pensando Salina DPUs, AMD Pensando Pollara 400 NICs and AMD Ryzen AI PRO 300 series <a target="_blank" href="https://www.benzinga.com/news/24/10/41282666/what-happened-with-amd-stock-today" rel="noreferrer noopener">processors for enterprise AI PCs</a>.&nbsp;
Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) the company, which is popularly called&nbsp;Foxconn&nbsp;is gearing up to construct the&nbsp;largest <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">manufacturing facility&nbsp;for&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">Nvidia&#8217;s </a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">GB200 chip</a>.
Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;is rolling out new AI-powered security features for Android devices aimed at preventing phone theft. These features, which were&nbsp;initially announced in May, are designed to <a href="https://www.benzinga.com/news/24/10/41204898/google-starts-rolling-out-ai-powered-security-features-to-combat-android-phone-theft" target="_blank" rel="noreferrer noopener">automatically secure a device if it is stolen</a>.
Following&nbsp;the antitrust verdict,&nbsp;Google has made moves to halt changes <a target="_blank" href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under" rel="noreferrer noopener">proposed by&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under" rel="noreferrer noopener">Epic Games</a>.
Amazon.com, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) cloud computing platform,&nbsp;Amazon Web Services&nbsp;CEO&nbsp;Matt Garman&nbsp;disclosed that the company had been delving into generative AI long&nbsp;before it <a target="_blank" href="https://www.benzinga.com/news/24/10/41201296/aws-ceo-matt-garman-once-an-intern-says-they-were-pioneering-generative-ai-at-amazon-long-before-cha" rel="noreferrer noopener">became a widely&nbsp;accepted concept</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says" rel="noreferrer noopener">Uber &#8216;Well Positioned&#8217; Despite Tesla Robotaxi Threat, Analyst Says</a>
Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) formally rejected the accusations levied in a recent report by&nbsp;Hindenburg Research, an investment firm <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41255828/roblox-denies-hindenburgs-accusations-of-inflating-metrics-failing-at-child-safety-calls-them-misl" rel="noreferrer noopener">known for&nbsp;activist short-selling</a>.
Smartphones
Earlier this year, tech giants&nbsp;Alphabet and&nbsp;Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) joined forces to simplify the process of moving photos and videos between <a href="https://www.benzinga.com/news/24/10/41265188/how-to-switch-from-google-photos-to-apples-icloud" target="_blank" rel="noreferrer noopener">their platforms by launching a tool</a>.
Amazon.com and&nbsp;Apple have announced a collaboration, as per which&nbsp;Apple TV+ will be <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41264628/apple-tv-coming-to-amazon-prime-video-this-month-what-you-need-to-know-about-the-9-99-add-o" rel="noreferrer noopener">available through&nbsp;Prime Video</a>.
Apple&nbsp;is reportedly planning to launch a health-focused smart ring by 2026, according to a <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41222158/apples-smart-ring-could-launch-by-2026-in-line-with-tim-cooks-health-centric-vision" rel="noreferrer noopener">forecast by analysts at CCS Insight</a>.
Elon Musk &amp; Artificial Intelligence (AI)
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;Robotaxi is set to disrupt the autonomous driving market, <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">currently led by </a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">Alphabet&#8217;s </a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">Waymo</a>.
CEO&nbsp;Elon Musk's social media platform,&nbsp;X, formerly&nbsp;Twitter, has been granted permission by Brazil's Supreme Court to&nbsp;recommence<a target="_blank" href="https://www.benzinga.com/news/24/10/41242624/elon-musk-vows-to-defend-freedom-of-speech-but-within-the-boundaries-of-the-law-as-x-gets-brazil-gre" rel="noreferrer noopener"> its operations&nbsp;in the country</a>.
The Federal Communications Commission or FCC has temporarily authorized&nbsp;Elon Musk-led&nbsp;SpaceX and&nbsp;T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) to provide direct-to-cell service via Starlink satellites in <a target="_blank" href="https://www.benzinga.com/news/24/10/41200194/spacex-and-t-mobiles-direct-to-cell-satellite-service-for-hurricane-hit-areas-green-lighted-by-fcc-a" rel="noreferrer noopener">areas&nbsp;impacted by Hurricane Helene</a>.
Read:<a target="_blank" href="https://www.benzinga.com/news/24/10/41224028/elon-musk-talks-ai-woke-mind-virus-starlink-and-california-governor-gavin-newsom-with-tucker-carlson" rel="noreferrer noopener"> Elon Musk Talks AI, Woke Mind Virus, Starlink And California Governor Gavin Newsom With Tucker Carlson</a>
ChatGPT-parent&nbsp;OpenAI has disclosed that its platform is being misused by malicious entities to meddle with democratic <a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see" target="_blank" rel="noreferrer noopener">elections across the globe</a>.
Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41239978/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-pa" target="_blank" rel="noreferrer noopener">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a>

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Consumer Tech News (Oct 7-Oct 11): Apple TV+ To Be Available Through Prime Video, Tesla Robotaxi To Disrupt Autonomous Driving Market & More

This past week was a whirlwind of news, with artificial intelligence (AI) taking the spotlight. From election interference to superchip factories, AI was at the heart of many stories. Let&#8217;s dive into the top five stories that made headlines.
OpenAI Uncovers Election Interference Misuse
Ahead of the Trump vs. Harris faceoff, OpenAI, a subsidiary of Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), revealed that its platform is being exploited by malicious entities to disrupt democratic elections worldwide. The company&#8217;s 54-page report disclosed that it had prevented over 20 global operations and deceptive networks that sought to misuse its models. The threats varied from AI-generated website articles to social media posts by fake accounts.
<a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see">Read the full article here.</a>
Foxconn to Build World&#8217;s Largest Nvidia Superchip Factory
Taiwanese contract manufacturer Hon Hai Precision (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, announced plans to construct the largest manufacturing facility for Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 chip. This move is intended to meet the substantial demand for Nvidia's Blackwell platform, according to a senior executive. Foxconn, known for assembling products for Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), is also venturing into server production. <a href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber &#8216;Well Positioned&#8217; Despite Tesla Robotaxi Threat, Analyst Says</a>
AMD&#8217;s MI350 Chip to Challenge Nvidia&#8217;s Blackwell
Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) revealed plans for its next-gen MI350 chip, set to compete with Nvidia's upcoming Blackwell system. The chip is expected to ship in the second half of 2025 and offer up to 35 times better inference performance compared to their CDNA 3-based predecessors.
<a href="https://www.benzinga.com/news/24/10/41284533/nvidias-blackwell-chip-faces-amds-mi350-challenge-in-2025-ceo-lisa-su-says-beginning-not-the-end-of">Read the full article here.</a>
Cathie Wood Foresees Trillion-Dollar Opportunity for Tesla
ARK Invest CEO Cathie Wood predicted a &#8220;trillion-dollar-plus revenue opportunity for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in the next five years&#8221; in the autonomous vehicle market. Wood sees a "winner-takes-most" scenario unfolding in the autonomous driving space, emphasizing the high stakes in the race for autonomous technology supremacy.
<a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner">Read the full article here.</a>
Palantir&#8217;s Shyam Sankar on AI Deployment
Shyam Sankar, CTO of Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), stated that the company is experiencing a surge in demand. Sankar emphasized the value of enterprise automation and the increasing rate of AI adoption. He also highlighted the foundational investments Palantir made in an ontology as prerequisites for quickly putting workflows into production.
<a href="https://www.benzinga.com/markets/equities/24/10/41244462/palantirs-shyam-sankar-says-ai-is-experiential-and-if-you-pay-consultants-to-help-you-think-abou">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41292954/nvidia-stock-surges-as-ai-dominance-fuels-long-term-bull-run-gene-munster-waves-green-fl">Nvidia Stock Surges As AI Dominance Fuels Long-Term Bull Run: Gene Munster Waves Green Flag</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

GOOGL

PLTR

Election Interference, Superchip Factories, And Trillion-Dollar Opportunities: AI Takes Center Stage

See-sawing mood persists on Wall Street as the index futures point to a marginally lower start on Wednesday after the tech-led rebound witnessed in the previous session. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is advancing in premarket and the rest of the big techs were just about higher. Commodities are weakening and bond yields are easing. Federal Reserve&#8217;s September rate-setting meeting minutes, speeches by Fed officials and developments around Hurricane Milton&#8217;s landfall in Florida could be on traders&#8217; radar.
Some may choose to move to the sidelines ahead of Thursday&#8217;s consumer price inflation report which is expected to show a further easing in pricing pressure. Some key earnings reports are also expected to drop over the next two sessions, which is likely to give early indications regarding how this reporting season will pan out.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.08%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.06%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.07%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.13%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.04% to $572.93 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved down 0.209% to $488.85, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
IT, communication services and consumer discretionary stocks fueled a strong rally on Wall Street on Tuesday even as energy stocks served as drags. The gains came despite the threat of Hurricane Milton looming large. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose over 4% after contracts electronics manufacturer Hon Hai Precision Manufacturing Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) issued positive commentary about the demand for the former&#8217;s Blackwell GB200 chips. The positive sentiment rubbed off on other AI-levered tech stocks as well.
The Nasdaq Composite and the S&amp;P 500 hovered in positive territory throughout the session, while the Dow Jones Industrial Average experienced volatility before closing modestly higher. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.45%</td>
<td>18,182.92</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.97%</td>
<td>5,751.13</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.30%</td>
<td>42,080.37</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.09%</td>
<td>2,194.98</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The current bull market started on Oct. 12, 2022, and as its second anniversary nears, a strategist suggested there be could many more years of gains. Carson Group&#8217;s Chief Markey Strategist Ryan Detrick said the S&amp;P 500 Index is up 61% so far in this bull market. On average, a bull market lasts about 5.5 years and the average gain clocked is 181%.
The strategist said the bull market may not end soon. Sharing a graphic showing performances of the index during the previous bull markets, he said, &#8220;Many more years of gains would be perfectly normal.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The bull market is about to turn two. Stocks are up 61% during this bull market, compared with the avg bull market lasting 5.5 years and gaining 181%. Yes, it &#39;could&#39; end soon, but we don&#39;t think it will. In fact, this shows many more years of gains would be perfectly normal. <a href="https://t.co/sbPROOIrTg">pic.twitter.com/sbPROOIrTg</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1843649022126690442?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>The Fed speakers lined up for the day include:
<ul>
<li>Atlanta Fed President Raphael&nbsp;Bostic: 8 a.m. EDT, 12:45 p.m. EDT</li>
<li>Dallas Fed President Lorie&nbsp;Logan: 9:15 a.m. EDT</li>
<li>Chicago Fed President Austan Goolsbee: 10:30 a.m. EDT</li>
<li>Federal Reserve Vice Chair Philip Jefferson: 12:30 p.m. EDT</li>
<li>Boston Fed President Susan Collins: 5 p.m. EDT</li>
<li>San Francisco Fed President Mary&nbsp;Daly: 6 p.m. EDT</li>
</ul>
</li>
<li>The Commerce Department is due to release wholesale inventories report for August at 10 a.m. EDT. Economists, on average, expect wholesale inventories to rise 0.2% month-over-month, the same pace as in July.</li>
<li>The Energy Information Administration is scheduled to release its customary weekly petroleum status report at 10:30 a.m. EDT.</li>
<li>The Treasury is set to auction 10-year notes at 1 p.m. EDT.</li>
<li>The Federal Open Market Committee will release the minutes of its September rate-setting meeting at 2 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Helen of Troy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HELE#NASDAQ">HELE</a>) is due to report its quarterly results before the market opens, while Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) and AZZ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) will announce their results after the market close.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) climbed over 7% after the company announced a new portfolio of fabric switches meant for demanding AI workloads in accelerated computing platforms deployed at cloud-scale.&nbsp;</li>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose over 3% on a positive analyst action.</li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) slipped over 1% after the company said talks with union members weren&#8217;t going smoothly. Following the strike, S&amp;P placed  Boeing&#8217;s rating on CreditWatch as negative.</li>
<li>Australian miner Arcadium Lithium plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) soared more than 30% after the company announced an agreement to be acquired by Rio Tinto Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
 Crude oil futures traded modestly lower following Tuesday&#8217;s sharp retreat and gold futures were little changed. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down less than a percent at a little over $62K. The yield on the benchmark 10-year Treasury note was down 1.9 points to 4.016%.
The Asian stocks had another mixed outing on Wednesday, with China&#8217;s Shanghai Composite slumping 6.62% and Hong Kong&#8217;s Hang Seng Index falling 1.38%. The lack of any further announcements concerning additional stimulus weighed down on these two markets. On the other hand, the Japanese market advanced. The South Korean market was closed for a public holiday.
The European markets were firmer in early trading on Wednesday. 
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41245350/nvidia-poised-to-overtake-apple-as-worlds-most-valuable-company-how-much-jensen-huangs-company-n">Nvidia Poised To Overtake Apple As World&#8217;s Most Valuable Company: How Much Jensen Huang&#8217;s Company Needs To Gain By Wednesday</a></li>
</ul>
Photo via Shutterstock

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US Stocks Set To Open Marginally Lower, Nvidia Gains, Traders Eye Fed Minutes: Strategist Predicts Many More Years Of Gains Ahead Of Bull Market's 2nd Anniversary

Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) the company, which is popularly called Foxconn is gearing up to construct the <a href="https://www.benzinga.com/startups/24/10/41209333/jensen-huang-on-china-sanctions-were-exporting-american-technology-which-is-really-terrific-for-the">largest manufacturing facility</a> for Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 chip.
What Happened: This initiative is aimed at meeting the substantial demand for Nvidia&#8217;s Blackwell platform, as revealed by a senior executive on Tuesday, Reuters reported.
The Taiwanese electronics powerhouse, known for assembling products for Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), is seizing the artificial intelligence wave by also venturing into server production. Benjamin Ting, Foxconn&#8217;s senior vice president for the cloud enterprise solutions business group, underscored the vital collaboration with Nvidia.
&#8220;We&#8217;re building the largest GB200 production facility on the planet &#8211; I don&#8217;t think I can say where now,&#8221; Ting stated during Foxconn&#8217;s annual tech day in Taipei. He emphasized the high demand for Nvidia&#8217;s Blackwell platform, alongside Nvidia&#8217;s vice president for AI and robotics, Deepu Talla.
See Also: <a href="https://www.benzinga.com/news/24/03/37848556/nvidias-new-superchip-delivers-8-470-times-the-computing-performance-of-supercomputer-that-jensen-hu">Nvidia&#8217;s New Superchip Delivers 8,470 Times The Computing Performance Of Supercomputer That Jensen Huang Donated To OpenAI</a>
Foxconn Chairman Young Liu confirmed that the company&#8217;s supply chain is ready for the AI revolution. Liu also highlighted Foxconn&#8217;s advanced liquid cooling and heat dissipation technologies, which are crucial for supporting the GB200 server infrastructure.
Why It Matters: The construction of this massive facility comes at a time when Nvidia is facing challenges due to U.S. <a href="https://www.benzinga.com/startups/24/10/41209333/jensen-huang-on-china-sanctions-were-exporting-american-technology-which-is-really-terrific-for-the">sanctions against China</a>. Nvidia CEO Jensen Huang has discussed the impact of these sanctions on the company&#8217;s business, emphasizing the importance of balancing national security with technological advancement.
Additionally, Nvidia&#8217;s Blackwell GPU platform is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana">setting new benchmarks in AI</a>, with over 100 system configurations, according to a JPMorgan analyst. This positions Nvidia for a strong fiscal fourth quarter, despite earlier product yield issues.
Moreover, Foxconn has <a href="https://www.benzinga.com/news/earnings/24/08/40360707/apple-nvidia-supplier-foxconn-clocks-record-june-quarter-revenue-as-net-margin-slips-issues-upbeat-">reported record revenues</a>, driven by strong demand for AI servers. The company&#8217;s focus on AI technology aligns with its strategic goals, as it aims to capitalize on the growing AI market. 
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Apple Supplier Foxconn To Build World's Largest Nvidia Superchip Factory Amid Soaring AI Demand

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares are moving higher Wednesday. Here&#8217;s <a href="https://www.benzinga.com/news/24/09/40917539/while-apple-abandoned-its-car-project-after-pouring-1b-into-it-its-key-supplier-foxconn-is-now-colla">what you need to know.</a>
What To Know: In significant economic development, the Federal Reserve instituted a<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down"> 50 basis points cut</a>, bringing the federal funds rate to 4.75%–5%. This unexpected move, marking the first rate reduction in more than four years, reflects the Fed&#8217;s greater confidence in managing inflation. 
The Fed also revised its economic growth forecast for 2024 down to 2%. Inflation projections for the same year were also lowered, while unemployment rates were revised upward through 2026.
Future Rate Path: The updated Dot Plot suggests another 50 basis points in cuts in 2024 and an additional 100 basis points by the end of 2025, highlighting a more aggressive easing approach compared to previous projections. This outlook signals a significant shift from the Fed's earlier stance and impacts projections for economic metrics over the next few years.
See Also:<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down"> Powell Defends 0.5% Interest Rate Drop As &#8216;Right Thing For The Economy,&#8217; Doubles Down On Fed&#8217;s Cautious, Data-Driven Approach</a>
What Else: The company formerly abandoned its electric vehicle (EV) project after significant investments. In contrast, its key supplier Hon Hai Precision Industry Co Ltd &#8211; ADR, also known as Foxconn, (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) is advancing in the EV market. Foxconn, collaborating with Sharp, recently unveiled the LDK+ electric vehicle prototype. Designed with a room-like interior, the LDK+ aims to serve as a personal space, highlighting the evolving role of vehicles in the autonomous driving era.
Foxconn demonstrated strategic acumen by focusing on modular EV platforms that allow for cost-efficient, unique model creation. The company has also approved a $246 million investment in Northern Vietnam for manufacturing EV parts, with operations expected to start in January 2025. This investment underscores Foxconn's commitment to enhancing its production capabilities and positioning itself as a notable player in the EV industry.
AAPL Price Action: Apple shares closed Wednesday up 1.80% at $220.69, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="548" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-1024x548.png" alt="" class="wp-image-554734" style="width:482px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-1024x548.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-768x411.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1.png 1078w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Photo: Courtesy Apple Inc.

After-Hours Center

Apple Shares Are Trading Higher Today: What You Need To Know

Sharp has revealed an innovative electric vehicle prototype, the LDK+, developed in collaboration with its parent company Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>). The announcement was made on Tuesday during Sharp Tech-Day in Tokyo.
What Happened: The LDK+ concept car integrates the functionality of a traditional vehicle with a room-like interior, aiming to provide a new style of mobility. Sharp&#8217;s Chief Technical Officer, Mototaka Taneya, emphasized the growing importance of cars as personal spaces, especially with the advent of autonomous driving technology, Nikkei Asia<a href="https://asia.nikkei.com/Business/Automobiles/Electric-vehicles/Sharp-and-Foxconn-s-EV-prototype-shows-new-way-of-vehicle-design"> reported</a> on Wednesday.
Sharp&#8217;s design allows the vehicle&#8217;s interior to be used effectively even when parked, transforming it into a personal space for work or leisure. Features include a rotatable rear seat, a Sharp LCD display, and windows that can turn opaque for privacy. The car also uses AI to adjust air conditioning and lighting based on user preferences.
See Also: <a href="https://www.benzinga.com/news/24/09/40892013/spacex-ceo-elon-musk-says-canadian-government-is-funding-starlink-rival-for-satellite-internet-despi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX CEO Elon Musk Says Canadian Government Is Funding Starlink Rival For Satellite Internet Despite His Offer To Do It For &#8216;Less Than Half That Amount&#8217; As It Wants Its &#8216;Own System&#8217;</a>
The LDK+ is built on an EV platform developed by Foxconn, which has been focusing on the EV market. Foxconn&#8217;s Chief Strategy Officer for EVs, Jun Seki, highlighted the cost-efficiency of this modular approach, allowing companies to create unique models without heavy investments.
Sharp&#8217;s entry into the EV market comes amid industry challenges, with growth slowing and automakers adjusting their strategies. Despite these hurdles, Seki expressed optimism about the future of EVs, predicting significant market growth by 2027.
Why It Matters: The collaboration between Foxconn and Sharp represents a significant step in the evolving electric vehicle market. Foxconn, a major supplier for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), has been <a href="https://www.benzinga.com/news/22/05/27467741/apple-supplier-foxconn-is-aiming-to-compete-with-tesla-and-nio-in-the-electric-vehicle-segment">making strategic moves</a> to diversify its portfolio and enter the EV sector while Apple itself abandoned its EV project after pouring <a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">over a billion dollars</a> into it in February. In May 2022, Foxconn&#8217;s chairman, Liu Young-way, expressed confidence in overcoming supply chain challenges and aimed to become the first EV maker not affected by material shortages. This ambition aligns with their broader strategy to compete with established EV manufacturers like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>).
Furthermore, Foxconn&#8217;s recent approval to invest <a href="https://www.benzinga.com/markets/equities/23/06/33075575/foxconn-plans-246m-investment-in-northern-vietnam-for-manufacturing-ev-parts-report">$246 million in Northern Vietnam </a>for manufacturing EV parts underscores their commitment to this market. The investment will focus on producing EV chargers and components, starting in January 2025. This move is expected to enhance Foxconn&#8217;s production capabilities and support its goal of becoming a key player in the EV industry.
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Photo by askarim on Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

While Apple Abandoned Its Car Project After Pouring $1B Into It, Its Key Supplier Foxconn Is Now Collaborating With Sharp On An EV Prototype: Here's More

Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares have barely budged to the<a href="https://in.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri?_gl=1&#x2A;1z0lss1&#x2A;_gcl_au&#x2A;MTUyOTg5MDU4NS4xNzI1ODcyMjEz&#x2A;_ga&#x2A;NzYzMTQ0NDEyLjE2ODY5ODEzNzg.&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyNjY0MTgwNy4yMDY3LjEuMTcyNjY0ODg1Mi4wLjAuMA.."> Glowtime hardware launch event held on Sept. 9,</a> and a portfolio manager on Tuesday offered &#8220;Mea Culpa&#8221; for his short-term stance on the stock.
What Happened: Very early indications point to a nearly 10% year-over-year decline in the sales of the iPhone 16, the newest iteration of Apple&#8217;s flagship product, said portfolio manager and founder of Niles Investment Management Dan Niles. This is in contrast to expectations that the addition of the artificial intelligence features will drive 10% sales growth, he said.
Quoting famous American researcher, scientist and futurist Roy Amara&#8217;s law, Nile said, &#8220;We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.&#8221; 
The portfolio manager noted that Apple&#8217;s price/earnings multiple calculated on calendar year 2024 earnings expanded from 24 times to 31 times, primarily on AI expectations. &#8220;It is hard to argue for valuation support at current levels,&#8221; he said. 
While noting that &#8220;a crucial trait for successful investing is admitting when you are wrong and moving on,&#8221; Nile said. &#8220;I think I am wrong in the short run but have a feeling that I will be back in the long run.&#8221;
Ahead of the Apple event, Niles had said this time around Apple stock could go against the grain on the launch day. He based his expectation on Apple supplier Hon Hai Precision Industry Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) reporting 33% year-over-year revenue growth for August, which was the highest quarterly growth for the company of the year.
&#8220;While historically $AAPL product launches are sell the news events, this AI-focused event on 9/9 has a chance to buck the trend,&#8221; he had said then.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/09/40869770/no-razzle-dazzle-with-latest-iphone-but-apple-wowed-with-these-2-glowtime-announcements-says-gur">No &#8216;Razzle-Dazzle&#8217; With Latest iPhone, But Apple Wowed With These 2 &#8216;Glowtime&#8217; Announcements, Says Gurman</a>
AI Undeniable Prop: Nile said Apple Intelligence will be a pulling point for consumers. &#8220;I believe consumers will want AI functionality available to them 24/7 and the smartphone is the one piece of technology that we have with us all the time.&#8221;
Weighing in on the early softness, the strategist said with the staggered rollout of AI across geographies, AI features will be available to consumers in China, a key market, only in 2025.
He also noted that the promotion of the new phones by the U.S. wireless carriers is not much different than last year.
Niles&#8217; views echo that of tech venture capitalist Gene Munster. In a recent note, he said he expects iPhone revenue to rise 15% in fiscal year 2025, more than double the 7% growth the Street currently models. Munster sees growth accelerating slightly to 17% in the next fiscal compared to the Street forecast of 8% growth.
&#8220;The most significant factor in my estimate is my belief that 8% of the iPhone installed base will upgrade early in FY25, and 14% in FY26,&#8221; he had said. The tech specialist, however, sees a slowdown to 5% each in fiscal years 2027 and 2028. 
In premarket trading on Wednesday, Apple shares fell 0.44% to $215.83, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>The stock has added 13% for the year-to-date period, underperforming the 19% gain for the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index.
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Image via Shutterstock

Analyst Color

Long Ideas

Apple Stock Reaction After iPhone Launch Sparks Portfolio Manager's Reflection: 'I May Be Wrong In The Short Term But...Will Be Back In The Long Run'

Even as index futures suggest a cautious start on Wednesday, Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) &#8211; two companies with significant exposure to artificial intelligence technology, advanced strongly <a href="https://www.benzinga.com/premarket">in premarket trading</a> on Wednesday.
The premarket strength may be attributable to comments from Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), which is a supplier to big tech companies such as Nvidia and Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The Taipei, Taiwan-based company reported record June quarter revenue, with AI server revenue rising by 60% sequentially due to strong customer demand.
Also, Hon Hai, popularly known as Foxconn, <a href="https://www.benzinga.com/news/earnings/24/08/40360707/apple-nvidia-supplier-foxconn-clocks-record-june-quarter-revenue-as-net-margin-slips-issues-upbeat-">said the development schedule</a> of Nvidia&#8217;s GB200 rack is on track. &#8220;Foxconn will definitely be the first supplier to deliver and shipments should begin in the fourth quarter. If the schedule remains unchanged, the performance of the entire AI server segment may be better than originally estimated,&#8221; said Foxconn Vice President and Spokesperson James Wu.
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
Incidentally, earlier this month, a report by The Information said the <a href="https://www.benzinga.com/news/24/08/40152477/nvidia-upcoming-chip-launch-faces-delay-due-to-design-flaws-setback-expected-to-impact-meta-microsof">Blackwell B200 AI chips will take at least three months longer</a> to produce than was planned due to a design flaw identified late in the production process. Foxconn&#8217;s update should allay some concerns surrounding the delay.
Delving into its outlook, Foxconn said strong demand for AI servers is expected to continue. &#8220;We maintain our view that AI servers will contribute to 40% of overall server revenue this year,&#8221; Wu said, adding &#8220;AI servers should soon become Foxconn's next trillion-dollar revenue product.&#8221;
This is higher than the <a href="https://www.benzinga.com/news/24/06/39178960/exclusive-apple-suppliers-subsidiary-behind-supercomputer-donated-to-openai-predicts-ai-server-sales">30% contribution that AI servers currently make</a> towards Foxconn&#8217;s revenue, as the company&#8217;s deputy spokesperson Jimmy Huang told <a href="https://pro.benzinga.com/dashboard">Benzinga</a> earlier in June at the Computex technology show in Taiwan.
Nvidia is scheduled to report its second-quarter results after the market close on August 28 and strategists see the report as a key catalyst that can keep the market rally. Super Micro, which manufactures AI servers, reported in early August a <a href="https://www.benzinga.com/news/earnings/24/08/40213937/why-ai-server-maker-super-micro-computers-stock-is-plummeting-over-12-in-premarket">fiscal fourth-quarter earnings miss</a>, sending its stock sharply lower. The stock fell a little over 20% in earnings reaction before rebounding from the low.
Price Action: At the time of writing, Nvidia stock rose 1.76% to $118.18 and Super Micro climbed 1.74% to $577.31 in premarket trading, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data</a>.
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Photo courtesy: Shutterstock

SMCI

Nvidia, Super Micro Computer Surge In Pre-Market: What's Powering AI Stalwarts' Stocks?

The major index futures are pointing to a nervous start ahead of the <a href="https://www.benzinga.com/etfs/sector-etfs/24/08/40323092/feds-interest-rate-decision-will-incoming-july-inflation-data-tip-the-scale">consumer price inflation report </a>that is due at 8:30 a.m. EDT. Bond yields are slipping ahead of the inflation data. If the report confirms a continued let-up in pricing pressure, the Federal Reserve may be forced to cut rates. Economists and strategists expect Fed Chair Jerome Powell to render more clarity on the rate outlook at the Jackson Hole symposium scheduled for later this month.
Atlanta Federal Reserve President Raphael Bostic, however, suggested he would want to see more evidence before the rate could be taken down from its 22-year high. 
Hon Hai Precision Industry Co. Ltd.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) commentary about strong AI server demand could lend support to Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other AI-levered tech stocks. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.07%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.01%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.44%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.06% to $542.34, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.05% to $462.81, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session: 
Stocks raced out of the gate on Tuesday after a tamer-than-expected producer price inflation report perked up risk appetite. The VIX at one point in time pulled back below the 18 level. All three major averages opened higher and advanced further over the course of trading before ending notably higher. The tech-heavy Nasdaq Composite and the S&amp;P 500 indices closed at their highest levels since Aug. 1. In the process, the S&amp;P 500 posted the biggest four-day rally for the year. 
Technical analyst and CNBC contributor Frank Cappelleri noted that the S&amp;P 500 has advanced 4.8% over six sessions, the best six-day gain since the 6% rise between Oct. 30, 2023 and Nov. 6, 2023.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> The 6-day advance now is +4.8%. That&#39;s the best since the 6-day gain of +6.0% from 10/30-11/6/23. The index is now challenging its 50-DMA and a key downtrend line… …which ALSO is similar to early Nov'23. <a href="https://t.co/mTvo9TBu7H">pic.twitter.com/mTvo9TBu7H</a>
&mdash; Frank Cappelleri (@FrankCappelleri) <a href="https://twitter.com/FrankCappelleri/status/1823474564686627315?ref_src=twsrc%5Etfw">August 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+2.43%</td>
<td>17,187.61</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.68%</td>
<td>5,434.43</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+1.04%</td>
<td>39,765.64</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.61%</td>
<td>2,095.19</td>
</tr>
</tbody>
</table>
</figure>
 Insights From Analysts:
Commenting on the market recovery post-Monday&#8217;s meltdown, fund manager Louis Navellier said, &#8220;Barring any major geopolitical surprises, it appears likely that the recovery from the recent correction will continue, though with caution rather than the strong melt-ups we&#8217;ve seen this year.&#8221;
&#8220;The NVIDIA earnings on Aug. 28 will be pivotal to a full recovery,&#8221; he said.  
Upcoming Economic Data:
The July consumer price inflation report is the lone piece of first-tier data due on Wednesday. Here&#8217;s how the expectations compare to the prior periods:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Consensus</td>
<td>June Performance</td>
</tr>
<tr>
<td>Consumer Prices (M-o-M)</td>
<td>+0.2%</td>
<td>-0.1%</td>
</tr>
<tr>
<td>Consumer Prices (Y-o-Y)</td>
<td>+3.0%</td>
<td>+3.0%</td>
</tr>
<tr>
<td>Core consumer prices (M-o-M)</td>
<td>+0.2%</td>
<td>+0.1%</td>
</tr>
<tr>
<td>Core consumer prices (Y-o-Y)</td>
<td>+3.2%</td>
<td></td>
</tr>
</tbody>
</table>
</figure>
The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EDT.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Peloton Interactive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) climbed nearly 7% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after the company announced a content partnership with Alphabet, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Fitbit.</li>
<li>Kellanova (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/K#NASDAQ">K</a>) rose about 6.50% after the Wall Street Journal reported Mars, Inc. is nearing a deal to buy the former.</li>
<li>Cardinal Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>), Brinker International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAT#NYSE">EAT</a>) and Performance Food Group Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFGC#NYSE">PFGC</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting earnings ahead of the market open.</a></li>
<li>Those reporting after the close include Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) and Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures edged down, signaling that the black gold may extend the 2%+ drop seen in the previous session, and gold futures rose modestly. The 10-year Treasury- note yield slipped 1.7 basis points to 3.837%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its climb and traded above the $61K level.
The Asian markets advanced, as traders cheered Wall Street&#8217;s buoyant performance overnight and began to price in a Fed rate cut. The Chinese and Hong Kong markets, however, bucked the uptrend. European stocks were modestly higher in early trading, with UBS AG&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) lending support to financial stocks.
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Image Via Shutterstock

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Wall Street Set For Subdued Start As Traders Await All-Important Inflation Data, Bitcoin Tops $61K: Fund Manager Flags This Event As Pivotal To Near-term Market Recovery

Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), a supplier to tech companies such as Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported record June quarter revenue and earnings that exceeded estimates, thanks to strong <a href="https://in.benzinga.com/content/39542457/foxconn-to-manufacture-ai-servers-in-india-following-iphone-success-report">artificial intelligence server revenue. </a>The company, which is popularly called Foxconn, also issued an upbeat forward commentary.
Key Q2 Metrics: The Taipei, Taiwan-based company reported June quarter earnings per share of NT $2.53 ($0.08), up from NT $2.38 per share a year ago. Revenue climbed 19% year-over-year to NT $1.55 trillion, marking a record high for the June quarter. Gross profit climbed 19% and operating profit was up a steeper 44%, while the net profit rose a more modest 6%. The company noted that gross profit and operating profit were also marked June quarter records.
Strong customer demand drove AI server revenue by 60% sequentially in the second quarter, and this accounted for more than 40% of overall server revenue for the period, the company said. 
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The Outlook: Anticipating the traditionally strong third quarter, the company has projected significant year-over-year and sequential growth.
Foxconn Vice President and Spokesperson James Wu said, &#8220;Operations will gradually ramp up entering the traditional peak season.&#8221;
The company said it expects strong sequential growth for the smart consumer electronics segment, and significant sequential and year-over-year growth for the cloud and networking products, thanks to ongoing revenue momentum in AI servers. On the other hand, computing products will likely see a slight sequential decline decline due to a high base period, but still see significant year-on-year growth.
The 2024 outlook for significant growth remained unchanged, thanks to strong demand for AI servers. There is better visibility into the full-year performance, the company said.
Wu said strong demand for AI servers is expected to continue. &#8220;We maintain our view that AI servers will contribute to 40% of overall server revenue this year, he said. &#8220;AI servers should soon become Foxconn's next trillion-dollar revenue product,&#8221; he added.
He also said the development schedule of Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 rack is on track. &#8220;Foxconn will definitely be the first supplier to deliver and shipments should begin in the fourth quarter. If the schedule remains unchanged, the performance of the entire AI server segment may be better than originally estimated,&#8221; he added.
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Image via Shutterstock

Apple, Nvidia Supplier Foxconn Clocks Record June Quarter Revenue As Net Margin Slips, Issues Upbeat Q3 Guidance: Management Touts AI Servers As Company's 'Next Trillion-Dollar-Revenue Product'

<a href="https://asia.nikkei.com/Business/Technology/Foxconn-on-track-to-ship-latest-Nvidia-AI-servers-next-quarter" title="https://asia.nikkei.com/Business/Technology/Foxconn-on-track-to-ship-latest-Nvidia-AI-servers-next-quarter">https://asia.nikkei.com/Business/Technology/Foxconn-on-track-to-ship-latest-Nvidia-AI-servers-next-quarter</a>

Nilkkei Reported Foxconn On Track To Ship Latest Nvidia AI Servers Next Quarter

Key contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), more popularly known as Foxconn and an Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhone assembler, are guiding global supply chain shifts amid political and business changes.
TSMC, serving clients like Apple and Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), has expanded to vital automotive hubs like Dresden, Germany, near automotive giants like Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>), Bayerische Motoren Werke AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), and Porsche.
This site attracts co-investors like Bosch and Infineon, ensuring that suppliers also establish operations nearby, Bloomberg <a target="_blank" href="https://www.bloomberg.com/opinion/articles/2024-06-09/tsmc-and-foxconn-will-guide-the-global-supply-chain?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39226348/taiwan-semi-rides-ai-wave-reports-7-1b-revenue-in-may" rel="noreferrer noopener">Taiwan Semi Rides AI Wave, Reports $7.1B Revenue In May</a>
In Japan&#8217;s Kumamoto prefecture, TSMC partners with Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), and Denso to serve Japan&#8217;s automotive and electronics industries.
The Arizona facility was established due to client pressure and government incentives, attracting suppliers like LCY Chemical and Topco Scientific.
TSMC earmarked $44 billion in 2022, up from $31 billion in 2021,&nbsp;to boost its chip-making capacity.&nbsp;The chipmaker won $6.6 billion in U.S. chip funding, the Verge <a target="_blank" href="https://www.theverge.com/24166234/chips-act-funding-semiconductor-companies" rel="noreferrer noopener">reports</a>.
Foxconn, renowned for assembling Apple&#8217;s iPhones and Nvidia&#8217;s AI servers, is expanding its global footprint with 205 sites in 24 countries.
Foxconn&#8217;s expansions into Mexico, India, and Southeast Asia and partnerships with European industrial firms like Siemens and Stellantis show its strategic push into factory automation, transportation, logistics, aerospace, and alternative energy.
Price Action: TSM shares were trading higher by 2.59% to $168.66 at the last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Ivan Marc via Shutterstock

BMWYY

VWAGY

Taiwan Semi and Foxconn Guide Global Supply Chain Shifts, Attract Key Industry Players

As we wrap up another eventful week in the tech world, we&#8217;ve seen some major developments from industry giants. From Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock split announcement to Intel Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) AI-focused strategy, the week was buzzing with news. Here&#8217;s a quick recap of the top stories.
NVIDIA Announces Stock Split
In a move to make shares more accessible, NVIDIA announced a 10-for-1 stock split on Friday. The semiconductor giant revealed this decision during its recent quarterly earnings report. The split-adjusted trading will commence on Monday, June 10.&#8217;
<a href="https://www.benzinga.com/top-stories/24/06/39231607/nvidia-stock-split-what-investors-need-to-know-what-past-history-shows-whats-next-for-chip-giant">Read the full article here.</a>
Intel Steps Up AI Game
Intel has unveiled its new Lunar Lake chips with enhanced AI processors at the ongoing Computex technology trade show. These chips are aimed at Copilot+ AI PCs and data center chips, positioning Intel to compete with Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). The Lunar Lake series is set to launch later this year.
<a href="https://www.benzinga.com/news/24/06/39151993/intel-steps-up-ai-game-with-lunar-lake-chips-for-microsoft-copilot-pcs-new-data-center-rivals-to-amd">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/06/39178960/exclusive-apple-suppliers-subsidiary-behind-supercomputer-donated-to-openai-predicts-ai-server-sales?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Exclusive: Apple Supplier Behind Supercomputer Donated To OpenAI Predicts AI Server Sales Tripling To $31B</a>
Foxconn Predicts AI Server Sales Surge
Apple Inc. supplier Hon Hai Technology Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), operating as Foxconn, is expecting a significant surge in AI server revenue in the next year. This prediction comes amid Nvidia CEO Jensen Huang&#8217;s forecast that data center spending will double to $2 trillion by 2029.
<a href="https://www.benzinga.com/news/24/06/39178960/exclusive-apple-suppliers-subsidiary-behind-supercomputer-donated-to-openai-predicts-ai-server-sales">Read the full article here.</a>
Nvidia CEO Mesmerizes at Computex
Nvidia&#8217;s Huang delivered a captivating keynote address at the Computex 2024 pre-event. He credited Nvidia&#8217;s partners and highlighted the company&#8217;s focus on computer graphics, simulations, and artificial intelligence.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39130128/nvidia-ceo-jensen-huang-mesmerizes-analysts-market-watchers-with-computex-keynote-w">Read the full article here.</a>
Musk Explains Nvidia Chip Diversion
Tesla Inc. CEO Elon Musk responded to a report about him redirecting thousands of NVIDIA chips, initially reserved for Tesla, to X and xAI. Musk explained that Tesla had no facilities to activate the chips, and they would have otherwise sat idle in a warehouse.
<a href="https://www.benzinga.com/news/24/06/39175635/tesla-had-no-place-to-send-the-nvidia-chips-says-elon-musk-after-report-suggests-he-diverted-thousan">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/top-stories/24/06/39209804/it-is-time-to-cancel-adobe-new-photoshop-terms-conditions-spark-outrage-among-professionals?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;It Is Time To Cancel Adobe&#8217;: New Photoshop Terms &amp; Conditions Spark Outrage Among Professionals</a>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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From Nvidia's Stock Split, Intel's Revitalized AI Strategy To Tesla's Chip Saga: This Week In The World Of AI

Editor&#8217;s Note: The article has been updated to note the correct designation of Foxconn&#8217;s Deputy spokesperson Jimmy Huang. Apple Inc. supplier Hon Hai Technology Group (Foxconn) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) is riding high on the boom in demand for <a href="https://www.benzinga.com/news/24/05/38981319/jensen-huang-says-other-blackwells-coming-even-as-nvidia-gears-up-for-lot-of-blackwell-revenue-this" target="_blank" rel="noreferrer noopener">artificial intelligence (AI) solutions</a>.
The Foxconn official believes that its AI server revenue will surge more than three times in the next year. This comes amid Nvidia Corp. CEO <a href="https://www.benzinga.com/markets/equities/24/02/37087722/nvidia-ceo-jensen-huang-urges-nations-to-embrace-sovereign-ai-predicts-data-center-spending-to-h" target="_blank" rel="noreferrer noopener">Jensen Huang's </a><a href="https://www.benzinga.com/markets/equities/24/02/37087722/nvidia-ceo-jensen-huang-urges-nations-to-embrace-sovereign-ai-predicts-data-center-spending-to-h" target="_blank" rel="noreferrer noopener">prediction</a> that data center spending will double to $2 trillion by 2029.
At the ongoing Computex technology trade show in Taiwan, <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga</a> caught up with Foxconn&#8217;s Deputy spokesperson Jimmy Huang to understand what one of the leading cloud infrastructure providers in the world thinks of the AI opportunity.
For context, Foxconn&#8217;s subsidiary Ingrasys manufactured the DGX-1 supercomputer that Nvidia's Huang donated to OpenAI back in 2016. according to the official. It <a href="https://www.benzinga.com/news/24/04/38422652/jensen-huang-hand-delivers-nvidias-first-dgx-h200-gpu-to-openais-sam-altman-to-advance-ai-computing" target="_blank" rel="noreferrer noopener">also donated the new DGX H200 GPU</a> to the Microsoft Corp.-backed AI startup in April.
<h3 class="wp-block-heading">Are We In An AI Bubble?</h3>
The rapid rise of Nvidia over the past two years has led to concerns about an AI bubble. If there is one such bubble, Nvidia and other AI stocks could be adversely impacted.
However, Foxconn&#8217;s Huang thinks that this is "just the beginning."
Subscribe to the&nbsp;<a target="_blank" href="https://bztechtrends.beehiiv.com/subscribe" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
In fact, he points to an even more interesting facet of the company's prospects because of AI.
"Our chairman has just mentioned, maybe next year, our AI server revenue will reach NT$1 trillion (approx. $30.9 billion.)"
Huang added that the NT$1 trillion would be more than three times the existing revenue Foxconn makes from setting up AI servers for its clients.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang-1024x576.jpg" alt="" class="wp-image-370681" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142745/Ingrasys-Nvidia-Jensen-Huang.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Nvidia CEO Jensen Huang left a mark at the Ingrasys booth at Computex 2024 &#x7C; Photo courtesy: Rounak Jain/Benzinga</figcaption></figure>
Read Next: <a href="https://www.benzinga.com/news/24/06/39151993/intel-steps-up-ai-game-with-lunar-lake-chips-for-microsoft-copilot-pcs-new-data-center-rivals-to-amd">Nvidia&#8217;s Meteoric Rise Brings It Within Striking Distance Of Apple&#8217;s Market Value</a>
"In the traditional server market, we have NT$1 trillion and 30% of this is from AI servers." This puts Foxconn's existing revenue from AI servers at a little over $10 billion. The company expects this to surge to nearly $31 billion in the next year, an increase of over three times.
<h3 class="wp-block-heading">Is It Because Of Nvidia's GB200 Super Chip?</h3>
Nvidia's new AI super chip, GB200, has been the talk of the town since its announcement in March. It has analysts excited, too, who think it will drive the next wave of AI innovation.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex-1024x576.jpg" alt="" class="wp-image-370684" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04142835/Ingrasys-Nvidia-GB200-Blackwell-at-Computex.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Ingrasys Nvidia GB200 Blackwell at Computex &#x7C; Photo courtesy: Rounak Jain/Benzinga</figcaption></figure>
Is it also the secret behind Foxconn&#8217;s optimistic outlook? While Huang did not specifically point it out as a critical factor, he noted that different customers have different requirements for their data center needs.
He added that they do want to "just put more" power in their data centers, and <a target="_blank" href="https://www.benzinga.com/news/24/03/37848556/nvidias-new-superchip-delivers-8-470-times-the-computing-performance-of-supercomputer-that-jensen-hu" rel="noreferrer noopener">GB200 packs a lot of punch</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/06/39151993/intel-steps-up-ai-game-with-lunar-lake-chips-for-microsoft-copilot-pcs-new-data-center-rivals-to-amd">Intel Steps Up AI Game With Lunar Lake Chips For Microsoft Copilot+ PCs, New Data Center Rivals To AMD</a>

Exclusive: Apple Supplier Behind Supercomputer Donated To OpenAI Predicts AI Server Sales Tripling To $31B Next Year (CORRECTED)

Taiwan's&nbsp;Hon Hai Precision (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) operating as&nbsp;Foxconn Technology Group has reported a significant increase in its first-quarter net profit, despite a decline in revenue attributed to weakened consumer electronics demand.
What Happened: The Taiwan-based contract manufacturer, known for assembling Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s iPhones, announced on Tuesday that its net profit for the first quarter rose by 72% from the previous year, reaching NT$22.01 billion (US$679 million), <a href="https://www.wsj.com/business/earnings/foxconn-profit-surges-on-low-base-but-revenue-falls-91b74d36?mod=latest_headlines">reported</a> The Wall Street Journal.
This increase, however, fell short of the NT$28.76 billion estimated by analysts in a FactSet poll. The surge in profit was attributed to a low base last year when Foxconn faced a NT$17.3 billion write-down linked to its 34% stake in Japanese electronics maker Sharp.
Despite the profit surge, first-quarter revenue dropped by 9% to NT$1.324 trillion due to reduced consumer electronics demand.
The pandemic had caused a delay in production and shipment at Foxconn&#8217;s Zhengzhou, China factory, leading to a high base of comparison for the first quarter of last year. Nevertheless, its cloud and networking segment experienced strong revenue growth, driven by robust artificial intelligence server demand.
See Also: <a href="https://www.benzinga.com/insights/options/24/05/38791263/check-out-what-whales-are-doing-with-pltr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Check Out What Whales Are Doing With PLTR</a>
Foxconn has been diversifying its business lines in recent years, including ventures into electric vehicles and AI. The company is also expanding its production in countries such as India to reduce its reliance on China.
Why It Matters: Foxconn&#8217;s performance comes on the heels of a 9% decline in its <a href="https://www.benzinga.com/markets/equities/24/04/38108303/apples-key-supplier-foxconn-reports-9-decline-in-first-quarter-revenue-anticipates-growth-in-fut">first-quarter revenue for 2024</a>. Despite this, the company anticipated a revenue increase for the second quarter of 2024, traditionally considered an &#8220;off-peak season.&#8221;
Earlier in May, Foxconn reported its <a href="https://www.benzinga.com/markets/equities/24/05/38641338/apples-largest-iphone-manufacturer-reports-its-best-ever-april-revenue-amid-stronger-iphone-dema">best-ever April revenue</a>, marking a 19% surge in monthly revenue. This achievement led to a record high for April and a subsequent rise in the company&#8217;s shares to an all-time high in Taiwan.
In March, it was reported that Foxconn was <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37689044/apples-tech-ally-foxconn-is-making-a-play-for-the-ai-server-market-with-nvidia-ming">making a play for the AI server market</a> through a strategic partnership with NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). This move was expected to position Foxconn to benefit from a closer partnership with Nvidia in the long run.
Despite its financial performance, Foxconn has been facing political challenges in its home country. In November, Foxconn&#8217;s founder, Terry Gou, <a href="https://www.benzinga.com/news/23/11/35954719/taiwans-political-future-hangs-in-balance-as-these-three-factions-battle-to-replace-tsai-ing-wen">withdrew his bid for the Taiwanese presidency</a>, leading to a political shakeup as opposition parties vied for power.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Apple's Biggest iPhone Assembler Posts 72% Profit Surge Even As Revenue Takes Hit From Weaker Consumer Electronics Demand

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: Trump Media (DJT) jumps after Donald T...

Trump Media, broader market surge after Trump wins election: Morning Buzz

Hon Hai Precision Industry (HNHPF) has released an update. Hon Hai Precision Industry has acquired land use rights in Chennai from its affiliate FI...

Hon Hai Acquires Strategic Land for Operations

Hon Hai Precision Industry (HNHPF) has released an update. Hon Hai Precision Industry's subsidiary, Foxconn Industrial Internet, will hold a perfor...

Hon Hai Subsidiary to Reveal Q3 Financial Results

Foxconn's Q3 profit soars on AI server demand, sees 2025 as 'AI Year' for group

Key Nvidia (NVDA) and Apple (AAPL) suppliers like Foxconn (HNHPF) are ready to boost their U.S. investments under quickly should there be any chang...

Apple, Nvidia suppliers ready to boost U.S. investments, Nikkei reports

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: Disney (DIS) reported better-than-expe...

Disney reports Q4 beat, Capri-Tapestry call off deal: Morning Buzz

Fidelity Emerging Markets Fund Q3 2024 Review

Hon Hai Precision Industry (HNHPF) has released an update. Hon Hai Precision Industry Co. Ltd. has been selected as the best applicant for a signif...

Hon Hai Wins Key Kaohsiung Transit Development Project

Hon Hai Precision Industry (HNHPF) has released an update. Hon Hai Precision Industry's subsidiary, Bon Shin International Investments, has sold ov...

Hon Hai Precision's Strategic Share Disposal in Foxconn

Hon Hai Technology Group (HNHPF), in partnership with two Taiwanese hospitals, has been selected for the Taiwan government-backed "Big A+" program ...

Hon Hai Technology Group partners with two Taiwanese hospitals on Big A+ program

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Commodities

EV Tech OEM Indigo Technologies Closes Strategic Investment From Foxconn To Accelerate Its Smart EVs Solutions for Sustainable Ride Hail, Delivery & More

Hon Hai Technology Group (Foxconn) Pledges 100% Renewable Electricity By 2040 and Joins RE100

Contracts

Hon Hai Technology Group (Foxconn) To Build Advanced Computing Center In Taiwan Based On NVIDIA Blackwell Platform

Hon Hai Technology Group (Foxconn) Strengthens Sustainability With Independent Audits At 8 Manufacturing Sites

Hon Hai Technology Group (Foxconn) Wins Prestigious Red Dot Design Award For Proprietary ESG Platform

HHTD 2024 Unveils Two Reference Design EVs, Extending Range Of Electro-Mobility To Midi Bus, LMUV

Hon Hai Technology Group (Foxconn) Teams With 2 Taiwan Hospitals To Use NVIDIA-enabled Taipei-1 Supercomputer

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