Flex Ltd Takeaways From Discussion on Data Center Power Trends

研报英文原文证据摘录

Flex Ltd Takeaways From Discussion on Data Center Power Trends

J P M O R G A N North America Equity Research

10 June 2026

Flex Ltd Overweight

FLEX, FLEX US

Takeaways From Discussion on Data Center Power Price (09 Jun 26):$147.21

Trends

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Manmohanpreet Singh

(1-212) 622-4527

We hosted a conference call with Charles Butler, President of the Embedded & manmohanpreet.singh@jpmchase.com

Critical Power, to discuss the Power business and the latest trends in relation to data Joseph Cardoso

centers. Please see below our key takeaways from the discussion: (1-212) 622-9036

joseph.cardoso@jpmchase.com

• Faces a different competitive landscape across embedded and critical Marc Vitenzon

power; Differentiation is driven by breadth of portfolio. In relation to (1-212) 622-3342

embedded power, there are only two primary players globally with the full marc.vitenzon@jpmchase.com

stack, including Delta and Flex, while the critical power space is more Akanksh Chauhan

fragmented with a larger number of competitors. Key differentiator for Flex is (1-212) 622-0045

the breadth of its portfolio spanning the entire stack from utility to chip, which akanksh.chauhan@jpmorgan.com

is a structural advantage as data centers move toward integrated system J.P. Morgan Securities LLC

procurement.

• Expect the industry to shift from component-level procurement toward

integrated modular systems. Data center power products have historically

been procured as individual building blocks coordinated by the customer,

where embedded power products are designed 2-3 years ahead of critical

power, but Flex believes the future is fully integrated modular SKUs delivered

as a system.