The pickaxe seller analogy for Celestica is sharper than most commentary on hyperscaler capex divergence. When Microsoft, Google, and Meta all guided $60B+ annual AI spend, the question wasn't GPU vs TPU allocation but who's building the liquid cooling and 800G fabrics. Watched CLS bounce around $350 but the fundametal thesis hasn't budged, it's just benefiting from whoever wins the silicon wars.
The pickaxe seller analogy for Celestica is sharper than most commentary on hyperscaler capex divergence. When Microsoft, Google, and Meta all guided $60B+ annual AI spend, the question wasn't GPU vs TPU allocation but who's building the liquid cooling and 800G fabrics. Watched CLS bounce around $350 but the fundametal thesis hasn't budged, it's just benefiting from whoever wins the silicon wars.