Foxconn's profits soar on AI server demand
Foxconn, the world's top electronics maker and Apple's main iPhone partner, just posted an 11% jump in Q2 2024 profits—hitting NT$38.8 billion ($1.30 billion).
The big driver? Sky-high demand for AI servers, now making up over 40% of its server sales and pushing revenue to a record NT$1.797 trillion ($55.2 billion).
Foxconn is investing in new plants to keep up with demand
A lot of it comes from their cloud and networking division, which supplies NVIDIA-powered AI servers and now brings in about 30% of total revenue.
Foxconn is also investing in new plants in Mexico ($900 million) and Texas to keep up with demand.
Even though iPhone assembly remains steady, they're still navigating currency swings and global trade tensions—even after the latest US-China tariff truce.
Foxconn is betting big on AI infrastructure and electric vehicles
The company is branching out—selling an old Ohio car factory for $375 million but keeping part of the site for new projects.
Plus, teaming up with TECO Electric & Machinery to build data centers shows Foxconn is betting big on AI infrastructure and electric vehicles for its next chapter.