Jabil (JBL)

Electronics manufacturing services (Jabil) — contract manufacturing incl. AI/cloud hardware

AI exposure 22% — derived from reported segment revenue, not asserted.

Where it sits

Connectivity → EMS / ODM · figures rebased to Q3 FY2026, reported 2026-06-17

Cloud & data-center infrastructure manufacturing (AI servers, networking, photonics, capital equip) leads 3 businesses in this sub-tier that together are 100% of revenue, so EMS / ODM is effectively the whole company rather than one leg of it.

Reported segments

• Intelligent Infrastructure — 48% of revenue
• Regulated Industries — 36.6% of revenue
• Connected Living & Digital Commerce — 16% of revenue

Jabil ($8.75B Q3 FY2026, +12% YoY, with the FY2026 outlook raised to about $35B). Intelligent Infrastructure 48.0% ($4.2B, +21% — cloud and data-centre infrastructure plus capital equipment, with networking and communications up more than 50%) = primary B3 EMS / ODM; Regulated Industries 36.6% ($3.2B, +4%); Connected Living & Digital Commerce 16.0% ($1.4B, +5%). AI-related revenue rose about 50% and Intelligent Infrastructure has pulled clear of the other two.

How the 22% is built

• Intelligent Infrastructure — 48% of revenue × 45% AI-driven (disclosed). Cloud and data-centre infrastructure manufacturing plus semiconductor capital equipment — AI revenue grew about 50%
• Regulated Industries — 36.6% of revenue × 0% AI-driven (disclosed). Healthcare, automotive and transportation manufacturing
• Connected Living & Digital Commerce — 16% of revenue × 5% AI-driven (disclosed). Consumer devices and warehouse automation

Investment read

Moat. EMS scale + design/supply-chain services, now majority-AI at the margin: Intelligent Infrastructure reached ~49% of Q2 FY26 revenue and AI mix ~39% of the $35B FY26 guide, from ~22% in FY25. But ~9% gross and 5.8% core operating margin say the advantage is scale and execution, not structure.

Bottleneck / pricing power. No structural pricing power — ~9% gross margin on hardware whose scarce inputs (GPUs, HBM, high-density interconnect PCB) are priced by others. The mix shift into power, cooling and silicon photonics lifts core operating margin toward the 6%+ FY27 target, but that is mix, not price.

Role in the AI stack. The diversified EMS build layer for AI/cloud hardware.

Connected companies

• NVIDIA (NVDA) — JBL supplies: contract manufacturing + supply-chain for AI hardware
• Apple (AAPL) — JBL supplies: Apple ~11% of revenue (FY24 10-K); Apple-casings Mobility unit divested to BYD Dec 2023, remaining Apple work much reduced
• Celestica (CLS) — JBL competes with: AI-server / cloud infrastructure manufacturing — Jabil outsizes CLS but direct cloud rival
• Flex (FLEX) — JBL competes with: Large diversified EMS majors — cloud, healthcare, industrial
• Microsoft (MSFT) — JBL supplies: builds AI data-center infra (servers/networking/photonics) for Microsoft
• Amazon (AMZN) — JBL supplies: data-center infra mfg for AWS
• Fabrinet (FN) — JBL competes with: EMS — Fabrinet vs Jabil
• Meta Platforms (META) — JBL supplies: AI rack/power/cooling manufacturing for hyperscalers (Meta not publicly named)
• Alphabet (GOOGL) — JBL supplies: builds AI infrastructure for GOOGL AI data centers
• Oracle (ORCL) — JBL supplies: builds AI infrastructure for ORCL AI data centers
• CoreWeave (CRWV) — JBL supplies: builds AI infrastructure for CRWV AI data centers
• Motorola Solutions (MSI) — JBL supplies: PCB assembly / electronics manufacturing services for MSI — already asserted in MSI's beyond.suppliers, but JBL is an in-atlas ticker, so the relationship belongs on the graph as an edge.

Others in EMS / ODM

• Celestica (CLS)
• Flex (FLEX)
• Fabrinet (FN)

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