Hon Hai Technology Group, better known as Foxconn, is reporting that its second-quarter profits climbed due to its AI server sales, which are now making up the largest portion of revenue for the electronics giant, surpassing smartphones as its top revenue source.

The stock market responded to the news with sales of Taiwan-based company stock hitting an all-time high on Thursday.

The AI server sales saw second-quarter profits up 27 percent on the year, beating market forecasts. The company made $1.48 billion in profit for the April to June period, according to the company.

This comes after the announcement that Foxconn sold its Lordstown facility recently , reportedly to SoftBank, which is connected with OpenAI and other partners working on the Stargate project, a large AI data cent

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