FPT AI Factories Hit 90% Utilization, Turn Profitable in Q2 2026

Overview

FPT Corporation (HOSE: FPT) reported strong first-half 2026 results, with revenue rising 12.6% and pre-tax profit up 18.1% year-on-year. The company’s two AI Factories in Vietnam and Japan reached over 90% utilization and turned profitable in the second quarter. Despite the operational milestones, FPT’s stock price has fallen to a two-year low of VND 67,000.

Key Facts

• H1 2026 revenue: VND 26,269 billion, up 12.6% year-on-year.
• H1 2026 pre-tax profit: VND 5,714 billion, up 18.1% year-on-year.
• AI & Data Analytics service revenue: VND 1,842 billion, up 54% year-on-year.
• Both AI Factories (Vietnam and Japan) achieved over 90% utilization and recorded profit in Q2 2026.
• FPT invested USD 200 million in each AI Factory, both operational since late 2024.
• The Japan AI Factory has 146,304 processing cores (49.85 PFlops); the Vietnam factory has 142,240 cores (46.65 PFlops).
• In June 2025, the two AI Factories ranked among the world’s top 500 supercomputers by Linpack benchmark.
• FPT stock closed at VND 67,000 on July 17, 2026, a two-year low, with market cap under VND 115 trillion (USD 4.4 billion).

What Happened

FPT released preliminary H1 2026 business results showing revenue of VND 26,269 billion and pre-tax profit of VND 5,714 billion, representing growth of 12.6% and 18.1% respectively. The company highlighted that its two AI Factories, one in Hanoi and one in Japan, have been operating for over a year and both reached utilization rates above 90% in Q2 2026, turning profitable during the quarter. These facilities were built with an investment of USD 200 million each and became operational in late 2024.

The AI & Data Analytics segment posted revenue of VND 1,842 billion, a 54% increase from the same period last year, which FPT attributed to a shift from experimental AI projects to enterprise-scale deployments. FPT is collaborating with major partners to develop Generative AI and Agentic AI solutions. The company noted that the AI Factories’ inclusion in the top 500 global supercomputers in June 2025 marked Vietnam’s first entry into the top 15 AI nations.

Market Context

Despite the positive operational and financial results, FPT’s stock price has declined sharply, closing at VND 67,000 on July 17, 2026, its lowest level in two years. The stock trades on HOSE with a market capitalization of less than VND 115 trillion (USD 4.4 billion). The divergence between strong fundamentals and weak price action may reflect broader market concerns about technology sector valuations, foreign selling pressure, or profit-taking after previous gains. The stock’s decline comes amid a challenging period for Vietnamese equities, particularly for high-growth tech names.

Strategic Significance

FPT’s AI Factory strategy positions the company as a key player in Vietnam’s emerging AI infrastructure sector. The rapid ramp-up to over 90% utilization and profitability within two quarters of operation demonstrates strong demand for AI compute capacity from enterprise clients. The 54% growth in AI & Data Analytics revenue suggests that FPT is successfully monetizing its AI investments. However, the stock’s decline to a two-year low indicates that investors may be discounting near-term earnings growth due to competitive pressures, capital expenditure requirements, or macroeconomic headwinds. The company’s ability to sustain utilization rates and expand its AI service offerings will be critical for long-term value creation.

What to Watch

• Q3 2026 earnings release for continued AI Factory utilization and profitability trends.
• Any announcements of new AI Factory expansions or additional investments in AI infrastructure.
• Foreign ownership levels and net buying/selling activity in FPT shares.
• Updates on major AI contracts or partnerships with enterprise clients.
• Market reaction to any changes in FPT’s dividend policy or share buyback program.