Robert Way
Foxconn (OTCPK:HNHAF)(OTCPK:HNHPF), also known as Hon Hai Precision Industry, plans to develop an assembly plant for artificial intelligence servers in the U.S., according to Bloomberg.
The Taiwan-based company, which assembles products for U.S. tech giants such as Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL), is selling an electric vehicle plant in Ohio for $375M, the report said. Hon Hai then plans to re-invest some of the proceeds to develop an AI server manufacturing presence in the U.S.
U.S. tech firms are investing hundreds of billions in AI infrastructure. U.S. President Donald Trump has focused on bringing more advanced manufacturing back to the U.S.
Nvidia and Apple both edged up 2% during early Monday market trading.