Why AI Chip Stocks Broadcom, Marvell, and Arm Holdings Rallied Again Today
Shares of artificial intelligence (AI) chipmakers like Broadcom (NASDAQ: AVGO), Marvell Technology (NASDAQ: MRVL), and Arm Holdings (NASDAQ: ARM) rallied on Monday. At one point, they were up by 4%, 4.4%, and 5.4%, respectively. As of 1:26 p.m. ET, their gains had moderated to 1.2%, 1.7%, and 4.9%, respectively.
AI-related chip stocks sold off a bit during the last couple of weeks of 2024, but they got a lift Friday on signs of strong AI chip demand. Then on Monday, another data point emerged that bodes favorably for the near-term outlook of the AI sector.
On Monday morning, Hon Hai Precision (OTC: HNHPF), also known as Foxconn, released its latest monthly revenue figures. Of note, Foxconn is one of the world’s largest electronics assemblers, as it assembles the iPhone. But it also has significant businesses in electric vehicles and, most importantly for this discussion, AI servers.
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