Taiwan's Foxconn, the world's largest contract electronics maker, has "immense ‌confidence" in its growth momentum because of ‌soaring AI demand, Chairman Young Liu said on Friday. The company, ​Nvidia's biggest server maker and Apple's top iPhone assembler, this month reported a 19% rise in first-quarter profit versus the same period a year earlier, ‌beating expectations due ⁠to strong global demand for AI products. Liu, speaking at an annual shareholders meeting ⁠in Taipei's neighbouring city of New Taipei, said AI remains highly sought after, with capital spending by ​the major ​cloud service providers already ​exceeding $700 billion this year.