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After iPhone, Foxconn’s next big revenue project in India is AI servers
Economic Times
·
1y ago
Medial
Taiwanese contract manufacturer, Foxconn, is set to expand its operations in India by manufacturing AI servers at its facilities. The company, best known as the lead assembler for Apple iPhones, aims to cater to the increasing demand for high-performance computing engines used in training and running artificial intelligence models. This move highlights Foxconn's commitment to the growing AI market in India.
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Apple buys itself some time for an AI boost
Livemint
·
1y ago
Medial
Apple has announced the largest boost ever to its stock buyback program, amounting to $90 billion. This comes after the company reported a decline in iPhone revenue for the fiscal second quarter, the largest drop in nearly four years. However, Apple's overall revenue and operating income met expectations, with better-than-expected revenue from Mac sales and services. The company also projected a low single-digit increase in revenue for the June quarter. Apple's stock rose more than 6% in after-hours trading following the announcement. The slump in iPhone sales is a concern for Apple, as the smartphone still accounts for over half of its total revenue. The company is now faced with the challenge of the next iPhone cycle and potentially entering the race over generative artificial intelligence alongside its tech peers. Apple's Worldwide Developers Conference next month may shed light on the company's future software advances and potential AI-focused developments.
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Apple iPhone maker Foxconn’s recruiters nix bar on married women after outrage | Company Business News
Livemint
·
8m ago
Medial
Apple iPhone supplier Foxconn has changed its hiring criteria in India by removing conditions related to marital status in job advertisements. This comes after media scrutiny and government investigations into discriminatory practices at the company's iPhone plant in Chennai. The revised ads remove previous criteria that excluded married women from assembly-line positions. Recruitment agents have been instructed to use standardized ads without mentioning Foxconn's name. The changes follow an investigation that found some ads violated anti-discrimination policies by excluding married women. The Indian government launched investigations into Foxconn's hiring practices, though the findings have not been disclosed.
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India iPhone business outpaces individual EU countries for Apple, Morgan Stanley says | TechCrunch
TechCrunch
·
1y ago
Medial
Apple's iPhone revenue in India increased by 42% YoY to $8.7 billion in 2023, with shipments growing by 39% to 9.2 million units, making India its fifth-largest smartphone market, according to Morgan Stanley. Although India's iPhone market is not yet big enough to offset declines in China, if growth continues at the same pace, India could overtake China by 2027. The demand for premium devices with higher storage capacities is driving growth in India. Apple sees India as a significant growth engine, with revenue estimated to reach $40 billion by 2032.
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Lenovo India surpasses $2 billion revenue, expands AI and manufacturing focus
Economic Times
·
5m ago
Medial
Lenovo's India revenue surpassed $2 billion in FY25, buoyed by growth in Motorola handsets, PCs, and data center servers. The company saw a 58% year-on-year revenue increase and reached an 8% market share in India for Motorola phones, which are now exported globally. Lenovo plans to intensify its focus on AI with a new AI Centre of Excellence and increase local manufacturing of AI servers and PCs, leveraging India as a hub for future developments.
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What’s on Foxconn’s plate this year? up to 30 million apples
Economic Times
·
4m ago
Medial
Foxconn plans to significantly increase its iPhone production in India, aiming for 25-30 million units, more than double its previous output. This expansion is in line with Apple's strategy to diversify its supply chain beyond China. With facilities in Bengaluru and Hyderabad, alongside the existing Sriperumbudur campus, Foxconn seeks to bolster its presence in India. Beyond smartphones, the company aims to delve into sectors like electric vehicles, energy, and digital health, marking its broader growth strategy.
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Dell forecasts upbeat fiscal 2025 on AI server demand
Economic Times
·
1y ago
Medial
Dell Technologies has surpassed Wall Street estimates with its annual revenue and profit forecast, driven by the increasing demand for its artificial intelligence (AI) servers. The company's shares have risen over 16% in after-hours trading. Dell's AI servers, equipped with Nvidia's graphics processing units, have gained popularity in the high-performance computing sector. Additionally, the PC market is recovering, following a slowdown in revenue caused by the fading work-from-home demand. Dell expects revenue between $91 billion to $95 billion for its current fiscal year and anticipates annual adjusted earnings per share of $7.50.
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Mega Networks plans to make AI servers in Maharashtra
Economic Times
·
1y ago
Medial
Indian computer hardware company Mega Networks is planning to invest INR 350-400 crore ($47-54 million) to set up a factory in Maharashtra for local manufacturing of artificial intelligence (AI) servers. The company, which has a technology partnership with US chipmaker Intel, expects the AI server manufacturing to significantly boost its revenue, aiming to hit INR 1,000 crore ($135 million) within the next two to three years. Mega Networks has already identified potential orders of around INR 1,000 crore for the servers and plans to increase its employee count from 110 to around 400 over the coming year.
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Apple’s iPhone 16 rings record-breaking expectation in India for festive quarter
Livemint
·
11m ago
Medial
Apple Inc. is expected to see a boost in iPhone sales in India, with estimates suggesting up to a 20% increase in the next three months. This surge in sales is driven by discounts and product launches during the festive season, as well as growing consumer demand for Apple's latest AI-powered offerings. Analysts predict that Apple's revenue in India could reach $15 billion by 2024-25. In contrast, the company's new smartphone lineup received a lukewarm response from shareholders in the US, who were concerned about the over-reliance on AI.
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Apple supplier Foxconn turns upbeat on 2024, cites huge demand for AI servers
Economic Times
·
1y ago
Medial
Apple supplier Foxconn is anticipating a significant increase in revenue this year, driven by strong demand for artificial intelligence (AI) servers. The company's optimism follows a 33% rise in net profit during the fourth quarter. Foxconn's Chairman, Young Liu, stated that there is a robust demand for AI servers and expects revenue growth of over 40% in 2024. The company also reported better-than-expected sales of cloud and networking products and smart consumer electronics. However, Foxconn did caution that first-quarter revenue may be lower compared to the same period last year.
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Italian startup iGenius and Nvidia to build major AI system
Economic Times
·
8m ago
Medial
Italian startup iGenius is partnering with Nvidia to create one of the largest deployments of Nvidia's newest servers. iGenius plans to build a data center in southern Italy to house around 80 of Nvidia's GB200 NVL72 servers, each equipped with 72 of the company's Blackwell chips. Known as "Colosseum," the AI computing system will utilize Nvidia's software tools and allow for the development and distribution of AI models to businesses that use Nvidia chips. iGenius has raised 650 million euros this year and is continuing to seek additional funding for the project.
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