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Foxconn, the world’s largest contract electronics maker reported better-than-expected third quarter financials on firm demand for AI servers. The Taiwanese firm saw a 14% rise in quarterly profit driven by strong demand for AI. servers. This comes on the back of a record third-quarter revenue as the company, last month, indicated quarterly revenue jumped 20% on strong sales of AI servers. Foxconn expressed uncertainty at Trump 2.0 Net profit for July-September for Apple’s top iPhone assembler came in at $1.5 billion according to Reuters calculations. Foxconn said it expects 2025 to be the “year of AI.” As a result, the company said it has already been diversifying its supply chain, expanding production in India in particular. The company also said, it would continue to increase investment in other countries including the US, Mexico, and Vietnam. This, the company indicated is to enable it to diversify risk following the re-election of US President Donald Trump into the White House. Foxconn chairman Young Liu told reporters after reporting its quarterly results of the uncertainties with Trump 2.0. “Trump has just been elected. It’s uncertain what policies he will implement… we will be watching to see what changes there will be from the new US government.” Liu. The President-elect has threatened to put a 10% tariff on all US imports and a 60% levy on Chinese-made products, a move that could impact both Foxconn and its key client Apple, as its Zhengzhou plant in China is a major iPhone assembly location. Liu said Foxconn plants in Wisconsin and Texas have seen steady growth in sales on strong demand for AI servers and the outlook for its US operations is positive. Foxconn expects AI servers to remain solid in the outlook Foxconn forecasts that AI servers will account for 50% of its total server…

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Filed under: News - @ November 14, 2024 7:23 pm