Nvidia shares are closing in on a record high, while key supplier Foxconn has reported a sharp rise in revenue driven by artificial intelligence demand. The update adds to signs of continued strength in the market for AI chips.

GE Aerospace announced it will acquire precision casting maker Consolidate Precision Products for about $12 billion. The deal is aimed at strengthening the company’s aircraft engine supply chain. GE Aerospace said it will expand in-house production capacity for critical components to meet rising demand and respond to competitive pressure from newer entrants such as SpaceX.