HomeNewsFoxconn sees ‘slightly better’ 2024, warns on AI chip shortage, Reuters says...

Foxconn sees ‘slightly better’ 2024, warns on AI chip shortage, Reuters says – TipRanks Financial Blog

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Foxconn (HNHPF), Apple’s (AAPL) biggest iPhone assembler and the world’s largest contract electronics maker, expects its business this year to be “slightly better” than last year but is facing a shortage of chips for AI servers, according to Reuters. “We did pretty well last year, although we had a rather large write off in the first quarter,” Foxconn Chairman Liu Young-way said on Sunday, referring to a writedown related to its 34% stake in Japanese electronics maker Sharp Corp. “As for this year’s outlook, I think it might be slightly better than last year,” Liu told reporters on the sidelines of the company’s annual employee party in Taipei. Liu said production capacity for chips for servers is limited, even with strong demand. “When it comes up to keeping up with demand, perhaps there need to be new factories,” he added.

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