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Celestica Inc. (CLS $449.52)
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Super Micro Computer Inc. (SMCI $34.69)
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IREN Limited (IREN $44.71)
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Nebius Group N.V. (NBIS $98.04)
Q: 5i refers to Celestica as being cheaper than peers. What peers are you referring to?
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5i Research Answer:
CLS is not overly cheap vs contract manufacturing firms, but it is cheaper than FIH Mobile (HK) and Fabrinet. But it is a bit different, in that it now has more direct exposure to AI development, and vs other typical AI companies (the usual bunch) it still looks attractive, especially in its growth rate but also because it has a much lower capital expenditure requirement than others. It is not buying chips for itself like IREN, NBIS, SMCI but still gets the growth benefit of data centres.
Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in NBIS.