Chip stocks including Nvidia, Micron, and ASML surged on Monday after Foxconn reported record fourth quarter revenue, pointing to strong AI demand.

Buoyed by their impressive performance, the companies are busy expanding into new products and places. Contract manufacturers have also been expanding into new industries. In October Foxconn unveiled two new electric-vehicle designs,

Leading market analysts highlighted Foxconn's surprise Q4 performance, with Jim Cramer suggesting investors may have overlooked the company.

Nvidia shares climbed to close at an all-time high Monday after supplier Foxconn reported record fourth-quarter revenue, and ahead of a keynote address from Nvidia CEO Jensen Huang at a major consumer electronics show.

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Nvidia traded slightly higher after Jensen Huang's CES keynote. Traders are eyeing key economic data later in the week.

US stocks finished mixed Monday, as investors plowed money into the semiconductor sector following strong results from Taiwan-based Foxconn, helping spur chip designer Nvidia to a fresh record.

For 2024, TSMC's revenue totaled 2.9 trillion New Taiwan Dollars, its highest annual sales since going public in 1994. Taiwan Semiconductor Manufacturing Co. posted December quarter revenue that topped analyst estimates, as the company continues to get a boost from the AI boom.

TSMC , the world's largest contract chipmaker, reported on Friday fourth-quarter revenue that easily beat market forecasts and hit its own expectations as it reaped the benefit of artificial intelligence demand.

TSMC is entering an unprecedented growth phase, driven by accelerating AI infrastructure demand. Check out why I reiterate a strong buy rating on TSM stock.

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