Foxconn’s revenue from making AI servers and other cloud and networking products surpasses smart consumer products for the first time
Foxconn’s heavy reliance on the smartphone business had long been viewed by investors as a significant risk, as demand growth for new iPhones had gradually weakened since they were first introduced nearly two decades ago, leaving the top iPhone assembler grappling with slowing sales momentum, analysts said.
While its expansion into EVs and chips has yet to show a meaningful contribution to its top-line, Foxconn’s success in AI server manufacturing – the company is Nvidia’s biggest server maker – is the result of its early bets before the technology was thrust into the limelight with the advent of ChatGPT in late 2022.
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