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

Chip stocks are surging in premarket trading Monday after Taiwan's Foxconn posted record fourth-quarter revenue, driven by the boom in artificial intelligence (AI) demand.

Stocks popped to start the first full week of 2025, as investors eyed technology innovations and a report circulated that the incoming presidential administration might scale back tariff plans. The broad S&P 500 index rose 1.

U.S. stock indexes are rising Monday to recover more of the holiday-season slide that bridged the new year. The Dow Jones Industrial Average was up 106 points, or 0.3%, as of 1:42 p.m. Eastern time, and the Nasdaq composite was 1.

Uber drove 3.9% higher after the ride-hailing app said it would accelerate $1.5 billion in purchases of its own stock, part of a previously announced $7 billion buyback program. Uber’s chief financial officer, Prashanth Mahendra-Rajah, said it’s making the move because its stock price looks cheap compared with the strength of its business.

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