Hon Hai Precision Industry Co., also known as Foxconn, recorded a 3.5% increase in sales for November, amounting to NT$672.59 billion ($20.7 billion).

This is the second consecutive month of single-digit growth, which has raised concerns about the ability of AI infrastructure demand to offset the decline in iPhone sales.

In October, the company reported a sales growth of 8.6%, but the combined sales for both months fall short of analyst projections, which had predicted a 13% growth for the quarter.

Hon Hai is closely watched in relation to broader market trends as it is a major manufacturing partner for Apple Inc. and a key server assembly partner for Nvidia Corp.