(Yicai) Oct. 30 -- Shares of Foxconn Industrial Internet, the Chinese mainland unit of Taiwan-based Apple supplier Hon Hai Precision Industry, touched an all-time high after the firm reported record quarterly earnings, thanks to growth in its artificial intelligence-related business.

After jumping by as much as 3.8 percent to CNY83.88 (USD11.82) in Shanghai trading earlier today, Foxconn Industrial’s shares [SHA: 601138] ended 3.5 percent lower at CNY77.97 (USD10.96) each.

Foxconn Industrial's net profit surged 62 percent to CNY10.4 billion (USD1.5 billion) in the three months ended Sept. 30 from a year ago, the maker of communication and network equipment said in a earnings report yesterday. Revenue jumped 43 percent to CNY243.2 billion (USD34.3 billion).

The third-quarter figures topped the Shenzhen-based firm’s previous records: a CNY8.1 billion (USD1.1 billion) profit in the final quarter of last year and CNY200.3 billion revenue in the second quarter of this year.

Quarterly income from the cloud computing business jumped over 75 percent, mainly driven by surging demand for AI computing power, the company pointed out. Sales of graphics processing units for AI servers used by cloud services providers soared more than five times, it added.

The communications and network equipment business performed steadily, with the precision parts business continuing to grow, driven by the launch of new AI devices.

For the first nine months of this year, net profit soared 49 percent to CNY22.5 billion, while revenue rose 38 percent to CNY603.9 billion.

The company’s stock gained 9.2 percent yesterday after Jensen Huang, chief executive of Nvidia, one of its main clients, said the US chip giant has sight of “half a trillion dollars” in revenue over the next six quarters. That would be nearly four times what it earned in the previous fiscal year.

Nvidia's shares [NASDAQ: NVDA] closed up 5 percent on Oct. 28, the day Huang made the revenue prediction, and closed 3 percent higher yesterday, making it the first company with a market capitalization of more than USD5 trillion.

Editors: Dou Shicong, Martin Kadiev