Formally known as Hon Hai Precision Industry, the world’s largest electronics maker booked a net profit of T$57.67 billion ($1.89 billion) for July to September, smashing the cocaine nose jobs of Wall Street guesses of T$50.4 billion. The figures suggest Nvidia's favourite server builder is doing just fine flogging AI boxes to the highest bidder.

Last month, Foxconn hinted that things were going swimmingly thanks to solid demand for AI kit. The company now reckons its fourth-quarter revenue will see significant year-on-year growth, with AI server sales climbing even higher quarter-on-quarter.

In a sign of where the real money is, Foxconn’s cloud and networking revenue has now overtaken smart consumer electronics like iPhones for the second quarter in a row.

The firm avoids giving out numerical guidance, presumably to keep punters guessing, but it is sticking to its earlier prediction that full-year revenue will enjoy a hefty uptick.

Most of the iPhones Foxconn churns out for the Fruity Cargo Cult Apple are still assembled in China, but the Mob’s US-bound gadgets are increasingly made in India. Meanwhile, Foxconn is throwing up server factories in Mexico and Texas to feed Nvidia’s insatiable appetite for AI compute.

The outfit has also been trying to elbow its way into the electric vehicle game, though that’s been bumpier. In August, it offloaded a former EV factory in Lordstown, Ohio, for $375 million, flogging the machinery it bought in 2022.

Still, investors don’t seem fussed. Foxconn shares are up 36 per cent this year, comfortably ahead of the Taiwan index’s 21 per cent rise. They tacked on another 1.8 per cent just before the earnings dropped.