Jabil Inc.

Jabil Inc. is an American multinational that designs, manufactures, and manages supply chains for some of the world's largest technology, healthcare, and industrial companies, generating $29.8 billion in revenue in fiscal 2025. What began in 1966 as a small Detroit circuit-board repair shop has become one of the three largest electronics manufacturing services (EMS) providers on the planet, operating roughly 100 facilities across 30 countries with approximately 135,000 employees.

This is a story about a company that spent four decades building an unglamorous but essential contract manufacturing franchise, then repositioned itself squarely at the center of the most important capital-expenditure cycle in a generation. Over the past three years, Jabil has sold off its Mobility business, reorganized its segment reporting, and tilted its growth toward the physical infrastructure of artificial intelligence — racks, servers, networking gear, power distribution, and liquid cooling for the hyperscale data centers that train and run large models. That pivot, still in its early innings, is driving the most consequential re-rating of Jabil's earnings power in its 60-year history.

The file turns on a single question: whether Jabil's Intelligent Infrastructure franchise can compound fast enough and long enough to lift the entire enterprise into a structurally higher margin band, or whether the AI infrastructure build-out represents a cyclical surge that masks the persistent low-margin reality of contract manufacturing. That question has become more acute as the stock has roughly tripled from its mid-2024 lows to around $357 per share.