Foxconn Bets $3B On AI While Predicting China EV “Shakeout” Will Crush Unprofitable Startups
Foxconn Chairman Young Liu is placing a massive bet on artificial intelligence while stepping back from electric vehicles, predicting that China’s brutally competitive EV market will soon experience a devastating consolidation that forces unprofitable startups to disappear. The world’s largest contract electronics manufacturer plans to invest $2 billion to $3 billion annually in AI infrastructure…