Foxconn Industrial’s 100% Rally May Extend on China’s AI Frenzy
Mar 12, 2024 - bloomberg.com
Chinese investors are increasingly investing in Taiwan's Foxconn Industrial Internet Co., a company involved in artificial intelligence, rather than in domestic companies. The AI server maker, which is controlled by Taiwanese billionaire Terry Gou's Hon Hai Precision Industry Co., has seen its stock more than double in Shanghai since mid-January.
Foxconn's performance this year has outperformed all other companies on the benchmark CSI 300 Index. This is in contrast to the more than 9% drop in the stock of Semiconductor Manufacturing International Corp., the mainland chip-making leader.
Key takeaways:
Chinese investors are heavily investing in Taiwan's Foxconn Industrial Internet Co. due to the global artificial intelligence frenzy.
Foxconn Industrial Internet Co. is controlled by Taiwanese billionaire Terry Gou's Hon Hai Precision Industry Co.
The company's stock has more than doubled in Shanghai since mid-January, outperforming all others on the benchmark CSI 300 Index.
This surge in Foxconn's stock contrasts with a drop of more than 9% in the mainland chip-making leader Semiconductor Manufacturing International Corp.
