Foxconn is working on a new partnership with OpenAI, chairman Young Liu told reporters in Taipei on Friday, Reuters reported. Liu said he had met OpenAI chief executive Sam Altman earlier that day.

He gave no details about what the two companies are discussing, saying Foxconn would announce the agreement once the terms were finalised. OpenAI has not commented.

The announcement came at Foxconn’s annual technology event in Taipei. The Taiwanese company, formerly known as Hon Hai Precision Industry, is the world’s largest contract electronics manufacturer and a major supplier of AI servers to Nvidia.

A new agreement would build on the companies’ existing relationship. In November 2025, they announced a collaboration to design several generations of AI data centre racks. Foxconn also planned to manufacture components in the US, including cables, cooling systems and power equipment.

That deal did not include any purchase commitments from OpenAI. Instead, the AI company was given early access to test the hardware, along with an option to buy it.

Liu also pushed back against concerns that the AI industry is heading for a bubble, Reuters reported. Technology stocks have come under pressure in recent weeks as investors question whether the enormous spending on AI infrastructure can continue, particularly as borrowing costs rise.

Foxconn, for its part, expects double-digit growth next year, Liu said. The company is already looking to expand its six factory buildings in Houston, Texas, where it makes AI servers for Nvidia.

AI hardware has become central to Foxconn’s business. In the second quarter, its cloud and networking division, which includes AI servers, accounted for 51% of the company’s revenue, crossing the halfway mark for the first time.

The company is also building relationships with other suppliers in the data centre market. It recently partnered with Schneider Electric on equipment for AI infrastructure.