Foxconn July revenue hits record on AI demand

Foxconn, a supplier to Nvidia and Apple, reported a record monthly revenue in July, surpassing T$900 billion ($27.93 billion) for the first time. According to Tech in Asia, the growth was led by its cloud and networking business, which includes AI servers and other data center hardware.

The surge in Foxconn's revenue comes as a contrast to the performance of AI-related stocks in Asia, which experienced a sharp reversal in July. As Hedgeweek reported, citing Goldman Sachs' prime brokerage business, Asia-focused hedge funds suffered widespread losses in July, with some funds posting double-digit declines.

Foxconn's record revenue was driven by strong demand for AI-related products, Economic Times Tech reported. The company's revenue growth is attributed to its business in AI servers and data center hardware, as mentioned by Tech in Asia.

Brief written by urgent.news from Tech in Asia, Hedgeweek, Economic Times Tech — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.