German industrial giant Siemens recently raised its outlook for the year after a strong first quarter boosted by spending on artificial intelligence.
Along with other industrial firms such as France’s Schneider Electric, Siemens — which makes electrical gear — has benefitted from demand for data centers in the United States that provide the computing power for AI.
Core earnings at the company rose 15 per cent in its first quarter to end December to reach 2.9 billion euros ($3.4 billion), while revenue rose four per cent to 19.1 billion euros.
At 0855 GMT, Siemens shares were up almost seven per cent, making them the best performer on Germany’s blue-chip DAX index.
Growth was broad-based across the company, Siemens said, but its infrastructure division, which makes much of the electrical equipment needed for data centres, saw record order intake.
