Why Luminar Stock Is Skyrocketing Today
Luminar (NASDAQ: LAZR) stock is posting huge gains in Monday's trading. The lidar company's share price was up 20.7% as of 1:30 p.m. ET amid the backdrop of a 0.9% jump for the S 500 index and gains of 1.4% for the Nasdaq Composite index.
Luminar stock is soaring today thanks to surging bullish momentum for the semiconductor industry. Its share price is also gaining ground because investors are betting that Nvidia could share news about its partnership with the company at the kickoff of the CES conference tonight.
Nvidia stock is climbing today following Foxconn's recent fourth-quarter report. Nvidia is one of Foxconn's most high-profile customers, and the China-based tech manufacturing company had some good news for investors today. Thanks to AI-related demand, Foxconn reported record revenue in the fourth quarter. The company's sales performance and commentary point to a very strong demand backdrop for Nvidia, and the dynamic is powering bullish momentum for the broader semiconductor space -- and Luminar stock is benefiting from the momentum.
Source Fool.com
