(Yicai) Dec. 2 -- Shares of Foxconn Industrial Internet rose after the Chinese mainland unit of Taiwan-based Apple supplier Hon Hai Precision Industry said it plans to invest CNY2 billion (USD282.8 million) in the Chinese artificial intelligence computing power industry.

FII [SHA: 601138] closed 1.9 percent up at CNY60.96 (USD8.61) in Shanghai today, after earlier gaining as much as 4.8 percent.

FII will inject CNY2 billion into its subsidiary FII Cloud Computing Tianjin to strengthen the construction of AI computing power infrastructure and invest in research and development in China, further consolidating its leading position in the AI computing power industry, the Shenzhen-based firm announced yesterday.

This year, FII has centered its strategy on the AI computing power industry’s supply chain, continuously focusing on core technologies and development trends in AI computing infrastructure and AI applications, the company noted.

FII announced in June that it will invest CNY726 million (USD102.7 million) to build an R&D center for precision components for new-generation smartphones, expected to be completed by the end of next year.

Benefiting from the strong growth of its AI business, FII achieved revenue of CNY604 billion (USD85.4) in the first three quarters of the year, up 38 percent from a year earlier, with cloud computing revenue surging over 65 percent in the period and more than 75 percent in the third quarter. Net profit climbed 49 percent to CNY22.5 billion (USD3.2 billion).

FII remains optimistic about the future outlook for AI server cabinet demand next year, the company said in the earnings conference call.

Editor: Futura Costaglione