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Foxconn Sees AI Boom Driving 2026 Growth, Hints at OpenAI Collaboration

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Foxconn, the world’s largest contract electronics manufacturer and key supplier to Apple and Nvidia, projected strong growth from artificial intelligence (AI) demand heading into 2026 — and teased a major announcement with OpenAI next week.

Chairman Young Liu told investors on Wednesday that the AI industry was only in its early stages and would soon become a central driver of global technology growth.
“Judging from what we see now, I am very optimistic about the AI market next year,” Liu said during the company’s quarterly earnings call. “The development of AI is still just beginning.”

Foxconn’s cloud and networking division, which includes AI server manufacturing, has now surpassed its consumer electronics segment — which includes iPhones — for the second consecutive quarter.

The company expects significant year-on-year revenue growth in the fourth quarter, with AI server sales continuing to rise quarter-on-quarter. Third-quarter profit jumped 17% to T$57.67 billion ($1.89 billion), beating analyst expectations.

Liu also hinted at an OpenAI-related announcement to be revealed during Foxconn’s annual Tech Day in Taipei next week, but declined to provide further details. OpenAI has not yet commented on the matter.

Foxconn — formally known as Hon Hai Precision Industry — has benefited from a global data center expansion led by Amazon, Microsoft, and Google, as they ramp up investments in AI infrastructure.

Beyond AI, Foxconn continues to invest in electric vehicles (EVs), despite recent challenges in its EV manufacturing ventures in the U.S.

So far this year, Foxconn’s shares have risen 36%, outperforming Taiwan’s broader market index, which is up 21%.

CoreWeave Cuts Revenue Forecast After Data Center Delay, Shares Drop

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CoreWeave (CRWV.O), a cloud infrastructure company backed by Nvidia, trimmed its annual revenue forecast on Monday after delays at a third-party data center partner disrupted operations, overshadowing strong quarterly results driven by soaring demand for AI computing services.

Shares fell more than 6% in extended trading, after Chief Financial Officer Nitin Agrawal forecast 2025 revenue between $5.05 billion and $5.15 billion, down from a previous estimate of $5.15 billion to $5.35 billion. Analysts had expected around $5.29 billion, according to data from LSEG.

CoreWeave said the customer impacted by the delay agreed to extend the contract’s expiration date, ensuring the total deal value remains intact, though the company did not name the client.

Despite the setback, the company posted a strong September quarter, with revenue more than doubling to $1.36 billion, beating Wall Street expectations of $1.29 billion.

CoreWeave has emerged as a major infrastructure provider for AI-driven workloads, securing high-profile contracts such as a $14 billion deal with Meta Platforms and a $6.5 billion partnership with OpenAI, both of which rely on its vast GPU-powered cloud network.

Once focused on Ethereum mining, CoreWeave has successfully repurposed its powerful GPU infrastructure to fuel the global AI cloud boom. However, its rapid growth has also exposed challenges — including rising chip prices, competition for computing capacity, and high expansion costs.

The company now expects to more than double capital spending next year, investing between $12 billion and $14 billion to meet surging demand.

CoreWeave shares have more than doubled since going public earlier this year at $40 per share, giving the firm a market capitalization above $50 billion, though its operating margin slipped to 16% in Q3 from 21% a year earlier.

Microsoft and G42 to Add 200 MW of Data Center Capacity in $15 Billion UAE Investment Push

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Microsoft and Abu Dhabi’s G42 announced plans on Wednesday to expand data center capacity in the United Arab Emirates by 200 megawatts, marking a major milestone in the U.S. tech giant’s $15 billion investment drive across the Gulf region.

The new capacity will be delivered through Khazna Data Centers, a G42 subsidiary, and is expected to begin operations before the end of next year, the companies said in a joint statement. The project forms part of a sweeping effort to transform the UAE into a global hub for artificial intelligence and cloud computing.

Microsoft said its total investment in the UAE will reach $7.3 billion between 2023 and the end of 2025, with another $7.9 billion planned for 2026 through 2029. The expansion underscores the deepening ties between the company and G42, following Microsoft’s $1.5 billion investment last year for a minority stake in the Abu Dhabi-based AI and cloud firm.

G42, backed by Mubadala, Silver Lake, and billionaire Ray Dalio’s family office, has emerged as one of the Middle East’s leading AI players. The UAE government has been channeling billions into the sector to boost economic diversification and technological self-reliance.

The companies also confirmed that the Trump administration has approved exports of Nvidia’s advanced chips for data centers in the Gulf country — a key step in enabling large-scale AI model training and cloud services.

“The expansion strengthens Microsoft Azure’s secure, scalable, and sovereign cloud infrastructure in the UAE,” the firms said.