Shares of Foxconn, a supplier of Apple products, rose 9.5 percent on Friday, hitting their highest level in three years, a day after the company reported a fourth-quarter profit that beat expectations and made an outlook for this year on rising demand for artificial intelligence servers.

Foxconn, formally Hon Hai Precision Industry Co Ltd, on Thursday reported a bigger-than-expected 33 percent jump in fourth-quarter net profit and said it expects earnings to grow strongly this year.

“We believe Hon Hai is the main beneficiary of Nvidia’s next-generation artificial intelligence server products as orders for AI server assemblies/rack are on the rise,” analysts at Daiwa Capital Markets wrote in a note after the earnings briefing.

Profits at the world’s largest contract electronics maker could rise 13 to 25 percent this year from a “flat” last year, they said.

Foxconn shares jumped in early trading, outpacing the broad market’s 0.5 percent drop.

Foxconn shares rose 9.5 percent to settle at THB132.50, the highest since March 23, 2021.