Power for AI, not cars: Infineon expects nearly €4bn from data centres
The Munich chipmaker raised revenue by 12 per cent to €16.35bn in the 2025-26 financial year and is aiming for about €20bn in 2026-27.
Almost one euro in five of Infineon's revenue in the new financial year is to come from power supply for AI data centres, now nearly €4bn against roughly €2.5bn previously expected. Germany's largest chipmaker is shifting its weight from the car to the data centre.
What happened
Infineon reported on 10 November. Fourth-quarter revenue was €4.706bn and the segment result margin 23.8 per cent; for the full year the group posted revenue of €16.353bn and a margin of 19.7 per cent. Chips for powering AI data centres brought in more than €1.6bn. For 2026-27 the board expects revenue of about €20bn, up some 22 per cent, and a margin in the mid-20s per cent, assuming an exchange rate of $1.15 to the euro. Capital spending of €3.0bn-3.5bn is planned. The group names energy infrastructure and software-defined vehicles as further drivers. Quarterly profit of €532m fell short of analysts' expectations; the dividend is to rise from 35 to 38 cents.
What follows
While carmakers and suppliers cut jobs and the metalworking pay round is deadlocked, part of German industry is growing with AI. Infineon supplies the components that convert power from the grid down to the processor; the more power a data centre draws, the more such chips it needs. Assessment: this makes the group less dependent on a weak car business but more dependent on the spending plans of a few American cloud providers. Should they slow their build-out, the forecast would be hit directly. For suppliers and sites such as Dresden, demand increasingly comes from a different industry than before.
What changes in practice
- Electronics industry workers
- Growth is where power for data centres is converted; skills in power electronics gain value.
- Suppliers
- Customers for power semiconductors are shifting from cars to data centres; supply chains and buyers change.
- Companies
- The AI build-out creates demand far beyond software, reaching grid technology and components.
What to watch
- Big cloud providers' capital-spending plans for 2027
- Revenue from AI power supply in the first quarter of 2026-27 against the annual target
- Order intake in the automotive segment
Sources
- Aktiencheck: Infineon Q4 2026 Zahlen – Umsatz soll 2027 um mehr als 20 % auf 20 Mrd. steigen, 10.11.2026
- Goldesel: Infineon Technologies Aktie – KI-Umsatzziel steigt auf fast vier Milliarden Euro, 10.11.2026
- dpa-AFX-Überblick: Unternehmen vom 10.11.2026