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Foxconn: AI demand continues to surge — November 2026 Foxconn, one of Nvidia's principal AI server manufacturing partners, has reported exceptional growth and expects AI-related operations to expand further in Q4. October revenue: $39.7 billion, up 46% year on year, setting an all-time monthly record. First 10 months of 2026: Approximately $280 billion in revenue, up 40.4% year on year. AI servers: Strong demand for Nvidia systems continues to support manufacturing activity and expansion. Q4 outlook: Foxconn expects further growth in AI-related operations, alongside seasonal strength in consumer electronics. US expansion: Foxconn is expanding its AI server manufacturing footprint in Houston, Texas. Further management comments Foxconn's chairman, Young Liu, also made several notably bullish statements on 30 October: No AI bubble: Liu explicitly rejected concerns that AI infrastructure investment is a bubble. 2027 growth: Foxconn expects another year of double-digit growth. AI server shipments: Management expects AI rack shipments to more than double in 2026. Longer-term demand: Foxconn previously indicated that AI production capacity demand should remain very strong in 2027. OpenAI: A further collaboration is being developed, potentially extending its role in AI infrastructure. Reuters: Foxconn is reporting record revenue, forecasting continued AI growth into 2027 and expanding production capacity. For Micron, the read-through is strongly positive for memory volumes, although Foxconn has not explicitly forecast DRAM shortages or higher memory prices.

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Amazon delivered a solid result-the .1% miss is down to FX conversion and shifting Prime Day extra quarter. AWS is growing at its fastest clip ever-management see a path to $1T in AWS revenue. Capex was gigantic and guided to grow materially! [image: 1793347747224-screenshot-2026-10-30-at-08.07.08.png] [image: 1793347759398-screenshot-2026-10-30-at-08.07.35.png] [image: 1793347769519-screenshot-2026-10-30-at-08.08.04.png] CEO Andy Jassy — six particularly important comments Capacity is being consumed almost immediately AWS is installing an AI accelerator every 14 seconds. Customers are taking up that capacity almost as quickly as it arrives. Jassy sees strong demand extending several years ahead. AI stimulates conventional cloud growth AI training, inference, reinforcement learning and agent activity all drive additional CPU, storage and networking consumption. AWS's traditional compute and storage businesses recorded their fastest growth in several years. Inference is becoming the larger AI opportunity Inference already accounts for well over half of AWS AI revenue, and its share is growing. Jassy believes enterprise production deployment is still at an early stage. Bedrock adoption is exploding Bedrock token volumes increased nearly 17-fold year on year. Fortune 500 spending on Bedrock increased almost sevenfold. Jassy called it AWS's fastest-growing multibillion-dollar service. Cloud migration has decades to run Jassy estimates approximately 85% of global IT spending remains on-premises, with a potential 10–20-year transition towards cloud infrastructure. AWS backlog compared with Microsoft and Google Company Cloud backlog / RPO Amazon AWS $578bn Triple-digit growth Microsoft ~$625bn Commercial RPO, broader than Azure Google Cloud ~$561bn Cloud backlog The headline comparison is striking, but these are not directly equivalent measures. Microsoft's figure includes commercial obligations beyond Azure, and the companies disclose different contract mixes and recognition schedules. Amazon's $578bn figure is particularly encouraging because of its rapid growth and the fact that AWS revenue is already accelerating. Q4 guidance Metric Q4 2026 guidance Revenue $240–247bn Revenue growth +12–16% Operating income $28.5–33.5bn Revenue FX headwind ~60 basis points Advertising growth High teens