L'intérêt à découvert pour Hon Hai Precision donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de Hon Hai Precision. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

Hon Hai Precision (OTC:HNHPF) Stock, Rapport sur les intérêts à découvert

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

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;
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<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>
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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:
<ul>
<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

Earnings

Equities

News

Futures

Previews

Economics

Federal Reserve

Pre-Market Outlook

Markets

Movers

Trading Ideas

$BTC

AFRM

ALAB

ALTM

APLD

HELE

HNHPF

NVDA

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. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Predicts Trillion Dollar Revenue Opportunity For Tesla In Autonomous Vehicles: &#8216;Winner-Takes-Most&#8217; In AI And Driving Tech</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>

Tech

AAPL

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>
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40925721/crowdstrike-launches-ai-security-posture-management-to-enhance-cloud-protection">CrowdStrike Launches AI Security Posture Management To Enhance Cloud Protection</a></li>
</ul>
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.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40895791/ford-to-roll-out-limited-edition-street-legal-race-car-variant-of-mustang-as-early-as-this-year?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ford To Roll Out Limited Edition Street Legal Race Car Variant Of Mustang As Early As This Year</a></li>
</ul>
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>

General

TSLA

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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<li><a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a></li>
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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>.
Read Next:
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</ul>
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

CSCO

GOOG

GOOGL

LITE

PFGC

PTON

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

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SONY

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>

INTC

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."
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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>
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Apple's Biggest iPhone Assembler Posts 72% Profit Surge Even As Revenue Takes Hit From Weaker Consumer Electronics Demand

It&#8217;s been a whirlwind week for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with significant developments ranging from record-breaking iPhone sales to the launch of new iPad models. The tech giant has been making headlines, and even Elon Musk has chimed in on the action. Let&#8217;s dive into the week&#8217;s top stories.
Record April Revenue for iPhone Manufacturer
Apple&#8217;s largest iPhone manufacturer, Hon Hai Precision Industry Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, reported its highest-ever April revenue. The Taiwanese company, responsible for manufacturing the majority of Apple&#8217;s smartphones, saw a 19% surge in monthly revenue to $15.8 billion in April, a record high for the month. <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">Read the full article here.</a>
iPhone 15 Pro Max: Best Selling Smartphone in Q1 2024
Despite a global slump in iPhone sales, Apple&#8217;s top-tier iPhone 15 Pro Max emerged as the best-selling device in the first quarter of 2024. The iPhone 15 and iPhone 15 Pro followed closely, claiming the second and third positions, respectively. This marks a continuation of Apple's dominance in the smartphone market. <a href="https://www.benzinga.com/news/24/05/38645070/apple-springs-a-surprise-as-its-top-tier-iphone-15-pro-max-bags-best-selling-smartphone-tag-in-q1-20">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/05/38725610/chatgpt-creator-sam-altman-feels-its-a-massive-massive-issue-that-we-dont-take-ais-threat-to-jobs-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">ChatGPT Creator Sam Altman Feels It&#8217;s A &#8216;Massive, Massive Issue&#8217; That We Don&#8217;t Take AI&#8217;s Threat To Jobs And Economy &#8216;Seriously Enough&#8217;</a>
New iPad Pro and iPad Air 6 Launched
Apple unveiled the highly-anticipated iPad Air 6 and iPad Pro after a gap of 18 months at the &#8220;Let Loose&#8221; event. The iPad Air now comes in two screen sizes for the first time, while the iPad Pro boasts the new M4 chip, jumping directly from the M2. <a href="https://www.benzinga.com/news/24/05/38673436/apple-launches-ipad-pro-with-m4-chip-oled-display-at-999-ipad-air-6-now-comes-in-two-sizes-for-the-f">Read the full article here.</a>
Apple&#8217;s AI Ambitions Revealed
Prominent tech analyst Gene Munster observed a &#8220;surprise takeaway&#8221; from Apple&#8217;s iPad launch event &#8211; the unveiling of the M4 chip. Munster believes this development indicates Apple's growing speed in updating its silicon and its focus on making hardware a competitive advantage in the field of artificial intelligence (AI). <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38696261/prominent-apple-bull-reveals-surprise-takeaway-from-apples-ipad-launch-tim-cooks-ai">Read the full article here.</a>
Elon Musk Questions Apple&#8217;s R&amp;D Spend
Following the launch of Apple&#8217;s new iPad models, Tesla and SpaceX CEO Elon Musk raised questions about Apple's huge research and development investment. Musk responded to a meme comparing Apple's $30 billion R&amp;D spend in 2023 to the marginal improvement in the thickness of its new 11-inch iPad Pro. <a href="https://www.benzinga.com/news/24/05/38689467/elon-musk-isnt-sure-apples-showed-its-entire-30b-r-d-prowess-with-new-ipads-maybe-they-have-some-sec">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/government/24/05/38698335/joe-biden-set-to-unveil-microsofts-3b-ai-data-center-plan-on-same-wisconsin-land-where-trump-tried-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Joe Biden Set To Unveil Microsoft&#8217;s $3B AI Data Center Plan On Same Wisconsin Land Where Trump Tried To Execute His Mega Foxconn Fantasy</a>
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Apple's Week Of Breakneck Developments: Chart-Topper iPhone, New iPads And Elon Musk's Curiosity

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/topic/iphone">largest iPhone manufacturer</a>, Hon Hai Precision Industry Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, has seen its shares soar to an all-time high in Taiwan after reporting its best April revenue.
What Happened: The Taiwanese company, responsible for manufacturing the majority of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s smartphones, reported a 19% surge in monthly revenue to $15.8 billion (NT$510.9 billion) in April, compared to $13.3 billion (NT$429.2 billion) in the same month last year, <a href="https://www.bloomberg.com/news/articles/2024-05-05/iphone-maker-hon-hai-s-april-sales-rise-19-in-positive-signal">Bloomberg</a> reported.
This marked a record high for April, according to a statement from Hon Hai.
Hon Hai shares in Taiwan gained 7.37% to close at TW$167.50, apiece.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38628664/ai-revolution-now-coming-to-cupertino-tech-bull-says-betting-against-apples-tim-coo" target="_blank" rel="noreferrer noopener">‘AI Revolution Now Coming To Cupertino:&#8217; Tech Bull Says Betting Against Apple&#8217;s Tim Cook Has Been ‘Proven Wrong Again And Again&#8217;</a>
According to a research note from Citigroup analysts, the computing segment experienced the most significant month-on-month growth, primarily due to the launch of Apple&#8217;s new MacBook Air.
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"Pull-in demand of iPhone was also stronger ahead of China's Labor Day holiday."
Despite its diversification into AI server racks and other equipment, Apple&#8217;s business still accounts for over half of Hon Hai&#8217;s revenue. This has led investors to closely monitor the company for indications of iPhone sales performance.
Why It Matters: The recent surge in Hon Hai&#8217;s sales comes amid a challenging period for Apple, particularly in the Chinese market.
Amid a decline in demand and fierce competition from Huawei Technologies, Apple&#8217;s CEO, <a href="https://www.benzinga.com/news/24/05/38605055/apple-ceo-tim-cook-says-china-is-the-most-competitive-market-in-the-world-as-iphone-sales-take-a-hit">Tim Cook, </a><a href="https://www.benzinga.com/news/24/05/38605055/apple-ceo-tim-cook-says-china-is-the-most-competitive-market-in-the-world-as-iphone-sales-take-a-hit">described China as</a> &#8220;the most competitive market in the world.&#8221;
Apple&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38610270/jim-cramer-slams-analysts-over-getting-china-wrong-about-apple-for-two-decades-that">underwhelming quarterly results</a> were attributed to a drop in demand in China and fierce competition from Huawei. Despite the overall decline, Cook highlighted some positive signs, stating that iPhone sales in Mainland China had grown.
Apple&#8217;s <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">second-quarter results outperformed muted goals</a>, with a year-over-year revenue decline, and the company&#8217;s second-quarter earnings per share also fell from one year ago.
Apple&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511556/what-is-going-on-with-apple-iphone-sales-drop-by-staggering-9-3m-units-globally-in-">iPhone sales plummeted 16%</a> globally in the first three months of 2024, according to market research firm Canalys. Despite the <a href="https://www.benzinga.com/news/23/09/34501203/apple-iphone-15-series-with-usb-c-tetraprism-camera-announced-check-price-and-availability-details">iPhone 15 </a><a href="https://www.benzinga.com/news/23/09/34501203/apple-iphone-15-series-with-usb-c-tetraprism-camera-announced-check-price-and-availability-details">launch</a> in September, Apple&#8217;s iPhone shipments fell by a staggering 9.3 million units, from 58 million in Q1 2023 to 48.7 million in Q1 2024.
Amidst these challenges, Hon Hai&#8217;s record-high sales could potentially indicate a positive turn for Apple&#8217;s iPhone sales and the AI server market.
Price Action: Apple shares were trading 0.38% down in premarket trading on Monday, after closing at $183.36 on Friday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</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/24/05/38636317/elon-musk-says-ai-will-shorten-the-cycle-of-crises-shaping-societies-and-creating-new-orders-heres-w">Elon Musk Says AI Will &#8216;Shorten&#8217; The Cycle Of Crises Shaping Societies And Creating New Orders: Here&#8217;s What It Means</a>
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.
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Apple's Largest iPhone Manufacturer Reports Its Best-Ever April Revenue Amid 'Stronger' iPhone Demand

Hon Hai Precision Industry Co. Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnhpf#OTC">HNHPF</a>)-owned Foxconn that manufactures iPhones that are the apple of the eye of Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) reported its first quarter results. With the first quarter being a typically quiet period, it comes as no surprise that Foxconn posted a revenue dup. However, Foxconn is expecting revenue growth in the second quarter despite it still being an off-peak season.
First quarter highlights
For the first quarter, Foxconn posted a 9.6% drop in revenue, however, Apple supplier noted that its cloud and networking segment reported significant revenue growth. But total revenue amounted to&nbsp;1.32 trillion New Taiwan dollars which equates to about $41.2 billion and it was also 28.58% lower compared to the previous, fourth, quarter. But, fourth quarter is usually when suppliers race to enable tech giants like Apple to satisfy the holiday demand. But, according to Counterpoint Research, overall shipments if smartphones declined 3.2%&nbsp;during 2023.&nbsp;
The AI hype is in the air
Although Foxconn is behind AI chipmaking leader, Nvidia Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>), it still has gained momentum of late.&nbsp;
As a reminder, Foxconn teamed up with Nvidia last year. Foxconn and Nvidia joined class to develop certain &ldquo;AI factories&rdquo; which are a new class of data centers that use Nvidia chips to power all kinds of applications ranging from large language models to training autonomous vehicles. Also, Foxconn will develop smart solution platforms that are based on technologies that Nvidia developed. By gaining access to Nvidia&rsquo;s solutions, Foxconn will get to offer safe AI-powered EVs and make its mark in the new era. In simple words, Nvidia joined forces with Foxconn on its path to accelerate the AI Industrial Revolution. Considering that AI development requires more than chips, there is room for all kinds of industrial contributors as even the all-mighty Nvidia cannot do everything alone, which bodes well for Foxconn.
Despite the traditional off-peak period and a recent earthquake, higher March revenue from consumer-electronics and cloud demand fueled Apple supplier to expect revenue growth in the second quarter. Also, Foxconn shares rose almost 21% year-to-date.
Rebound hopes are based on AI
Although the sales slump offers little hope for the rebound of the Apple star, the iPhone, , the growing demand for AI servers empowered Foxconn to expect a revenue rebound in the second quarter and be optimistic for the year ahead.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Apple Supplier Reports Revenue Dip But Expects Growth Ahead As The AI Revolution Created Room For Contributors

Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) a key supplier for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), saw a 9% decline in its first-quarter revenue for 2024.
What Happened: The company&#8217;s first-quarter revenue totaled 1.32 trillion NT$ ($41.2 billion), <a href="https://www.cnbc.com/2024/04/05/apple-supplier-foxconn-posts-9percent-fall-in-first-quarter-revenue.html">CNBC</a> reported on Friday. This figure represents a 9.6% drop from the same period last year and is 28.58% lower than the fourth quarter of the previous year.
The disclosed revenue fell short of economists&#8217; predictions in an LSEG poll. Nevertheless, Foxconn projects a revenue increase for the second quarter of 2024, despite it being typically considered an &#8220;off-peak season.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38063416/chuck-meme-coin-that-aims-to-make-ethereum-great-again-skyrockets-25-800-hours-after-launc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">CHUCK Meme Coin That Aims To &#8216;Make Ethereum Great Again&#8217; Skyrockets 25,800% Hours After Launch, Leaving Dogecoin, Shiba Inu In The Dust</a>
Why It Matters: The revenue dip comes amid Foxconn broadening its horizons beyond being an Apple supplier. In March, the company announced its intent to<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"> enter the AI server market </a>through a strategic partnership with Nvidia.
Meanwhile, Apple expects its revenue and earnings per share (EPS) in the March 2024 quarter to drop for the first time in a decade due to declining iPhone sales. Analysts have pointed out that Apple&#8217;s struggles in China are <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37953136/apples-struggles-in-china-are-less-about-apple-and-more-about-a-much-bigger-geopoli" target="_blank" rel="noreferrer noopener">less about the company</a> and involve a much bigger "geopolitical kerfuffle."
Apple is also reportedly planning to introduce <a href="https://www.benzinga.com/news/24/04/38037808/airpods-for-the-masses-apple-might-launch-cheaper-truly-wireless-earbuds-later-this-year">more affordable AirPods</a> and an updated AirPods Max version later in 2024. This move could potentially boost Foxconn&#8217;s production and subsequently its revenue.
On the stock front, shares of Foxconn closed at $9.75, with a 52-week high of $9.9 and a low of $5.6401.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38085675/were-fd-says-rich-dad-poor-dad-author-robert-kiyosaki-because-fed-chair-powell-fina?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;We&#8217;re F&#8217;d,&#8217; Says &#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Because Fed Chair Powell &#8216;Finally Admitted Inflation Is Winning&#8217;</a>
Photo by Tada Images on Shutterstock
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Apple's Key Supplier Foxconn Reports 9% Decline In Q1 Revenue, Anticipates Growth In Future

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) supplier Taiwan&#8217;s&nbsp;Hon Hai Precision Industry Co Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), operating as Foxconn, is looking to capitalize on the AI server market through a strategic partnership with&nbsp;Nvidia&nbsp;Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), according to a prominent analyst.
What Happened: Ming-Chi Kuo, an analyst at&nbsp;TF International Securities, on Thursday shared his insights on Nvidia&#8217;s AI server market strategy. Kuo noted that Foxconn, also known as Hon Hai,&nbsp;is expected to benefit from&nbsp;a closer <a href="https://www.benzinga.com/news/23/01/30269370/nvidia-and-foxconn-joined-forces-to-build-autonomous-vehicles">partnership with Nvidia</a>&nbsp;in the long run.
However, he pointed out that Nvidia has recently altered its GB200 development strategy, investing more in its system development and &#8220;reducing its dependance&#8221; on Hon Hai/Ingrasys&#8217; GB200 development.
This shift may have led to an overly optimistic market view of Hon Hai/Ingrasys&#8217;&nbsp;system development advantages, order visibility,&nbsp;and GPM in GB200.
&#8220;GB200&#8221; is a GPU that is tailored for use in data centers. It was unveiled by the company in October as part of its AI product strategy for 2024 and 2025.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37657502/now-is-not-the-time-to-throw-in-the-towel-on-tesla-says-wedbushs-dan-ives-ai-and-fs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Now Is NOT The Time To Throw In The Towel&#8217; On Tesla, Says Wedbush&#8217;s Dan Ives: AI And FSD Could Drive The Stock Over $1 Trillion</a>
Kuo also highlighted that the&nbsp;<a href="https://www.benzinga.com/news/23/08/33998198/nvidia-said-to-be-tripling-production-of-worlds-hottest-ai-chip-for-2024-but-will-supply-chain-snags">current shipment visibility</a> of GB200&nbsp;is not high, and it&nbsp;is currently difficult for most&nbsp;suppliers to estimate the actual&nbsp;contribution. Customer concerns about adopting&nbsp;Grace&nbsp;are one of the main&nbsp;reasons for the current low&nbsp;visibility of GB200 shipments.
&#8220;Customer concerns about adopting Grace are: 1) the ROI of continuing to build AI computing power and 2) the bargaining power against Nvidia will continue to erode in the long term,&#8221; he stated. 
<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">GB200為2024年AI伺服器研究的關注焦點，但目前此對鴻海貢獻的能見度仍有限 / GB200 to be the focus of AI server research in 2024, but limited contribution visibility to Hon Hai currently<a href="https://t.co/P2sl9pyS2L">https://t.co/P2sl9pyS2L</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1768130765962010715?ref_src=twsrc%5Etfw">March 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Foxconn&#8217;s move to tap into the AI server market comes at a time when the company is experiencing a revenue dip due to a quieter market demand. In January earlier this year, the Apple supplier forecasted a decline in first-quarter revenue <a href="https://www.benzinga.com/news/24/01/36506765/apples-key-supplier-foxconn-signals-revenue-dip-in-market-cool-down">following a slow market demand</a> in the last quarter.&nbsp;
The first quarter tends to be slower for tech companies like Foxconn, following the busy holiday season when they supply electronics to major vendors such as Apple for Western markets.
Check out more of Benzinga'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:&nbsp;<a href="https://www.benzinga.com/news/24/03/37664154/onlyfans-has-over-120-police-complaints-about-non-consensual-content-sharing-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OnlyFans Has Over 120 Police Complaints About Non-Consensual Content Sharing: Report</a>
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.
Photo courtesy: Shutterstock

Apple's Tech Ally Foxconn Is Making A Play For The AI Server Market With Nvidia: Ming-Chi Kuo

Key&nbsp;Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) supplier, Taiwan&#39;s&nbsp;Hon Hai Precision Industry Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnhpf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNHPF</a>), operating as&nbsp;Foxconn,&nbsp;forecasts a decline in first-quarter revenue following a quieter market demand in the previous quarter.&nbsp;
Traditionally, the first quarter tends to be slower for tech companies like Foxconn, following the busy holiday season when they supply electronics to major vendors such as Apple for Western markets.
This year&#39;s first quarter will likely see a year-on-year revenue drop despite the expected seasonal slowdown similar to the past three years, Reuters reports.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/10/35213479/apple-and-suppliers-face-unanticipated-sales-slump-despite-new-launches" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple and Suppliers Face Unanticipated Sales Slump Despite New Launches</a>
Foxconn did not provide specific numerical guidance but noted that the first quarter of last year recorded a record high, boosted by the post-COVID resumption of normal factory operations, Bloomberg notes.
In December, Foxconn&#39;s revenue reached T$460.1 billion ($14.84 billion), a 26.9% decrease compared to the previous year but still better than expected.&nbsp;
The fourth quarter saw a 5.4% year-on-year decline in revenue to T$1.851 trillion, slightly above analysts&#39; estimates.
The company attributed the &quot;flattish&quot; revenue in its smart consumer electronics segment, including smartphones, to reduced market demand.&nbsp;
Foxconn has earmarked considerable investments in India as it looks to diversify risk exposure by shifting its&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/08/33485951/apple-supplier-foxconn-raises-investment-plans-for-new-component-plants-in-indias-karnataka" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">base from China</a>.
Apple&#39;s stock experienced a decline this week following&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/24/01/36453039/why-is-apple-stock-sliding-tuesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">analyst downgrades over</a>&nbsp;concerns about iPhone demand, yet it remains the most valuable company globally by market value.
Foxconn plans to report its fourth-quarter earnings on March 14 and update its outlook.&nbsp;
Price Action:&nbsp;AAPL shares traded lower by 0.27% at $181.43 on the last check Friday.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/11/35912061/key-apple-supplier-foxconn-faces-heightened-regulatory-oversight-in-chinas-major-manufacturing-r" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Key Apple Supplier Foxconn Faces Heightened Regulatory Oversight In China&#39;s Major Manufacturing Regions: Report</a>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Guidance

Apple's Key Supplier Foxconn Signals Revenue Dip in Market Cool-Down

In a recent development, shares of Apple&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) suppliers took a hit following Barclays downgrade of the tech behemoth due to a potential decrease in product demand in 2024.
What Happened: CNBC<a href="https://www.cnbc.com/2024/01/03/shares-of-apple-suppliers-fall-after-barclays-downgrades-iphone-maker.html"> reported</a> on Tuesday that the shares of suppliers associated with Apple in Asia experienced a drop after the Barclays downgrade. Taiwan Semiconductor Manufacturing Company (TSMC), a top-tier manufacturer of advanced processors for companies such as Apple and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), saw a more than 2% decline in shares during morning trading. Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), a major Apple supplier and the world&#8217;s largest electronics contract manufacturer, also experienced a 1.33% drop in shares.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36430587/will-this-meme-coin-make-you-rich-avalanches-mystery-collection-could-change-your-fortune?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Will This Meme Coin Make You Rich? Avalanche&#8217;s Mystery Collection Could Change Your Fortune</a>
Moreover, tech and chip stocks such as Samsung Electronics and SK Hynix (OTC: HXSCL) dropped over 2%, while LG Electronics fell 1.78%, leading to a 1.85% drop in South Korea&#8217;s Kospi. This situation developed after Barclays demoted Apple&#8217;s stock to underweight on Tuesday and lowered its price target to $160 from $161, citing weak iPhone 15 sales and a potential decrease in demand for iPhone 16 and other products. Consequently, Apple&#8217;s shares ended the day 3.58% lower.
Despite the downgrade, experts in the industry maintain that Apple&#8217;s suppliers continue to see strong growth. 
&#8220;There&#8217;s still 200 to 300 million iPhones that get replaced onto 5G, at least for the next 24 months,&#8221; stated Ray Wang of Constellation Research on CNBC&#8217;s &#8220;Street Signs Asia.&#8221; 
In a report dated Jan. 3, UBS claimed that TSMC is &#8220;poised for a strong rebound in 2024&#8221; and sustained a buy rating, albeit with a lowered price target.
Why It Matters: Apple&#8217;s $85 billion services business faces potential impacts from <a href="https://www.benzinga.com/government/24/01/36463729/apples-85b-services-business-in-crosshairs-of-legal-and-regulatory-rulings">a series of legal and regulatory rulings</a> expected in 2024. Furthermore, Apple&#8217;s stock was <a href="https://www.benzinga.com/news/24/01/36453039/why-is-apple-stock-sliding-tuesday">downgraded by Barclay</a>&#8216;s analyst Tim Long from Equal-Weight to Underweight, resulting in a lower price target.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36445025/crypto-experts-eye-sky-high-bitcoin-values-in-2024-whats-driving-the-bullish-predictions?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Experts Eye Sky-High Bitcoin Values In 2024: What&#8217;s Driving The Bullish Predictions?</a>
Image Via Shutterstock
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 Engineered by 
 Benzinga Neuro, Edited by 
 
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 Pooja Rajkumari</a> 
 
 
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 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
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