Apple’s iPhone Maker Hon Hai Stock Hits Record High as AI Mania Persists
Mar 28, 2024 - bloomberg.com
Shares of Hon Hai Precision Industry Co., the Taiwanese manufacturer of Apple Inc.'s iPhones, have reached a record high due to the excitement surrounding artificial intelligence, overshadowing concerns about a slow recovery in the smartphone sector. The company's stock rose by as much as 5.1% to NT$156 on Thursday, driven by strong quarterly earnings and optimism about demand for its AI servers.
Several brokerages have raised Hon Hai's price targets in March 2024, transforming the company from a laggard to a winner on hopes for its AI server. This surge in the company's shares comes despite a sluggish recovery in the smartphone sector, indicating a shift in focus towards artificial intelligence technologies.
Key takeaways:
Hon Hai Precision Industry Co. shares soared to a record due to a frenzy over artificial intelligence.
The surge in shares outweighs concerns about a sluggish recovery in the smartphone sector.
The Taiwanese maker of Apple Inc.’s iPhones rose as much as 5.1% to NT$156 on Thursday.
Shares took off this month as its strong quarterly earnings fueled optimism over demand for the company’s AI servers.
