Foxconn said on May 29 that demand for AI products is supporting growth.

Chairman Young Liu said spending by large cloud service providers is driving demand for the company’s hardware.

Liu said the firms’ capital spending had already exceeded US$700 billion this year and could reach US$1 trillion next year.

Earlier this month, it reported that first-quarter profit rose 19% year on year and said capital expenditure would increase 30% this year from T$174 billion (US$5.55 billion) to expand AI server manufacturing capacity.

🔗 Source: Reuters

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