Foxconn Chairman Confident in AI Growth, Citing $700B Cloud Capex (2317.TW)

Foxconn (2317.TW) Chairman Young Liu expressed “high confidence” in the company’s growth momentum on Friday, May 29, 2026, driven by unrelenting artificial intelligence demand from major cloud-service providers. Speaking at the annual shareholders’ meeting in New Taipei, Liu said combined capital expenditure from these hyperscalers has already exceeded $700 billion this year, with the potential to reach $1 trillion in 2027. “Their capex is our market,” Liu noted. Foxconn, the largest AI server supplier to Nvidia and main iPhone assembler for Apple, reported a 19% year-over-year rise in first-quarter profit, beating estimates on robust AI product demand. To capture that tailwind, Foxconn plans to raise its own capital spending by 30% from last year’s NT$174 billion ($5.55 billion) as it expands AI server capacity. Despite the bullish outlook, Foxconn shares are up only 19% year-to-date, trailing the 54% rally in Taiwan’s benchmark index. The stock surged more than 7% during Friday’s session.