Hon Hai Precision Industry's shares jumped to a record high after posting its strongest monthly sales growth since the start of 2023, potentially raising expectations for iPhone and AI server sales.

The company, which assembles the majority of Apple's smartphones, reported a 19% rise in monthly revenue to NT$510.9 billion ($15.8 billion), compared with NT$429.2 billion in April 2023. That was a record for the month, Hon Hai said in a statement. Its stock rose by as much as 6.7% on Monday, the most intraday in about two weeks.

Hon Hai, known also as Foxconn, makes most of the world’s iPhones but is diversifying to put greater focus on building datacenter server racks and other equipment for artificial intelligence clusters.