Celestica Inc. — AI supply-chain exposure

Celestica is a contract manufacturer that builds the hardware other companies design — but in AI infrastructure it has moved up the value chain into ODM work, assembling AI servers, high-density racks, and the 800G switches and optical transceivers that wire GPU clusters together. Its Connectivity and Cloud Solutions business, which now dominates the company, is among the most direct public routes into the physical fabric of a hyperscale AI cluster.

The structural hook is that hyperscalers increasingly want custom networking and system hardware built to their own specifications rather than off-the-shelf gear, and Celestica has positioned itself as the partner that turns those designs into shipped racks and switch fabric. Its co-packaged optics switch programme pushes it further into the harder, higher-value end of that work. Sitting between the chip vendors and the cloud operators, at the point where a cluster is physically assembled and interconnected, is what gives it centrality in the model.