Celestica’s AI server margins fall from 12.8% to 10.8% as the economics come into focus
tengyanAI · x · 2026-07-28
Celestica’s upcoming report is being framed around a more interesting question than AI server demand alone: who is actually keeping the economics.
The post points to adjusted gross margin compression from 12.8% to 10.8% over the past three quarters. It argues that:
- GM above 11% may suggest pass-through pricing is returning.
- GM below 10.5% despite a revenue beat would imply customers are buying, but suppliers are still absorbing inflationary costs.
In other words, the key readout is not just demand, but whether margins show who has pricing power in the AI server supply chain.
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