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iPhone assembler Foxconn pledges $340m for AI venture

Chairman Terry Gou seeks new opportunities amid slowing mobile market

Terry Gou, founder and chairman of Foxconn, announced a major investment in AI on Feb.1. (Photo by Cheng Ting-fang)

NEW TAIPEI CITY, Taiwan -- Major iPhone assembler Hon Hai Precision Industry, also known as Foxconn, on Friday pledged to dedicate a minimum of $342 million to turn itself into a key artificial intelligence player as the Taiwanese tech conglomerate eyes new growth opportunities beyond smartphones.

"We will at least invest some 10 billion New Taiwan dollars ($342 million) over five years to recruit top talent and deploy artificial intelligence applications in all the manufacturing sites," said Chairman Terry Gou.

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