Siemens is now targeting annual earnings per share growth of at least 10%, up from single-digit growth. (EPA Images pic)FRANKFURT: German engineering giant Siemens posted record annual profit on Thursday and said it saw growth ahead as the artificial intelligence boom sweeps up European companies in its supply chain.
US tech giants such as Microsoft and Meta have together invested hundreds of billions of dollars in AI data centres, boosting the fortunes of companies like Siemens that make much of the electrical and cooling equipment needed to operate the sites.
Swiss competitor ABB in October posted order growth of 40% for the three months to end-September, while France's Schneider Electric in the same month said sales growth over the period had beaten expectations.
