Hon Hai's (Foxconn) August revenue increased by 33% due to the demand for AI applications, driving the demand for servers.

Hon Hai (Foxconn) Precision IndustryAugust revenue of Hon Hai (Foxconn) increased by 33%, accelerating from the previous month due to the demand for servers powering AI applications.

Foxconn, the major manufacturing partner of Apple Inc.(Foxconn)In August, Foxconn's revenue reached 548.3 billion Taiwanese dollars (17.1 billion dollars), setting a new record. This pace represents a significant increase from the 22% growth in July.

Foxconn's top line is starting to recover from the prolonged slump in smart phones, supported by the growth of its business supplying datacenter operators with servers equipped with Nvidia's AI accelerators. The company announced last month that it expects to achieve revenue growth for the rest of this year, reversing the consecutive quarterly revenue declines. Its stock price is expected to increase by nearly 70% in 2024.