German giant Siemens is another company benefiting from the artificial intelligence investment boom, reporting its highest-ever quarterly industrial profit and raising its full-year guidance on Thursday.
Siemens said it was seeing strong demand for data centers used to process AI, as well as for AI-enabled software and devices used to control factories and buildings.
Sentiment was also improving from aerospace, defense and machine-building customers, prompting the company to raise its full-year profit guidance after beating third-quarter expectations.
"Our sharp focus on driving industrial AI and our strong positioning in attractive markets give us a solid foundation for our success," CEO Roland Busch told reporters.
The company's industrial AI products, which help customers speed up innovation and improve productivity, were driving growth, he added.
Siemens was also benefiting from strong demand from the electronics and semiconductor makers, many of which are expanding capacity to supply AI-related equipment and chips.
"There is tremendous demand for electronics," Busch said.
"They are building more and more factories, and they need to be automated, which is where Siemens' business comes in."
Siemens was working with nine of the Top 10 largest data center providers, he said, while orders had increased by a triple-digit percentage in the first nine months of its 2026 fiscal year.
Companies like Siemens, Swiss rival ABB and France's Schneider Electric are seeing surging demand as Big Tech races to add data centres, chips and electricity capacity for AI training and operation.
Capital spending by five of the largest technology companies, a key driver of the global data-centre boom, is expected to rise 75% in 2026 from more than $400 billion in 2025, the International Energy Agency (IEA) said in April.
For the quarter to the end of June, Siemens reported industrial profit rising 25% to 3.52 billion euros ($4.09 billion), its highest quarterly figure, beating forecasts of 3.18 billion euros in a company-gathered consensus.
Revenue rose 7% to 20.79 billion euros, ahead of forecasts for 20.64 billion euros, while orders picked up 13% to 27.90 billion euros, also a quarterly record.
Its shares still fell 5.2% in mid-morning trading.
Up to Wednesday's close, they had gained nearly 20% from the beginning of the year to hit a record high at 291.50 euros in the session.
The company also said it had agreed with German tax authorities on the treatment of Siemens Healthineers shares that it plans to distribute to investors following the planned spin-off, meaning the distribution would be tax-free for Siemens shareholders.
