CNBC Pro 评论员 Paul Meeks 撰文看多 Flex，称 Axiom 分拆将释放 AI 基础设施价值

Flex is a company I've known for more than three decades. I was one of its biggest shareholders when it went public in 1994. Now I think the company is entering an exciting new chapter. The Austin-based company designs and manufactures electronic products and equipment for businesses across industries, from automotive and health care to technology. It also makes power and cooling systems used in artificial intelligence data centers. Key points Flex plans to separate Axiom, its Cloud and Power Infrastructure business, into an independent public company in the first quarter of 2027. CEO Revathi Advaithi brings years of experience leading a major electrical equipment business. Separating Axiom from Flex's slower-growing manufacturing business could unlock significant value for investors. Historically, Flex has been a solid but unspectacular business, growing at a mid-single-digit pace with operating margins of around 6%. But a major change is coming. Flex plans to spin off its AI infrastructure business , Axiom, into a separate publicly traded company in the first quarter of 2027. I believe the move could give both businesses a chance to shine. Why I like it Axiom is solving a critical AI bottleneck What interests me about Axiom is that it makes the equipment needed to power and cool AI data centers. As demand for AI grows, I expect the need for that equipment to grow alongside it. Flex expects Axiom's revenue to grow at least 80% in fiscal 2028. I also see potential for operating margins to rise from around 10% today to 15% to 20% over time. Consider Vertiv , another AI infrastructure company. Its operating margins have expanded significantly since 2022, reaching nearly 20% in the second quarter. Axiom could follow a similar path. Axiom has the right leader for the job Revathi Advaithi, who has led Flex since 2019, is expected to become Axiom's CEO following the spinoff. Before joining Flex, she held senior leadership positions at Eaton, including running its electrical sector business, and previously worked at Honeywell. That experience is valuable as Axiom looks to capitalize on growing demand for power solutions in AI data centers. Axiom could be worth more on its own Flex expects to complete the Axiom spinoff by March 31, 2027. Separating the businesses could help investors recognize Axiom's faster growth and higher margins. Today, Flex is largely viewed as a traditional manufacturing company, sometimes covered by industrials analysts rather than technology analysts. As an independent company, Axiom could attract more attention from investors focused on AI infrastructure. FLEX YTD mountain Flex, YTD I would prefer to own Axiom after the separation. But there could also be an opportunity to buy the remaining Flex business if investors undervalue it. Why now? Flex shares have fallen more than 35% from their 52-week high of $166.86 to around $108. I see that pullback as an attractive opportunity ahead of several catalysts, including quarterly earnings on Oct. 28 and Flex's Innovation Day on Nov. 10, when management will discuss the strategies of both businesses. For now, I think Flex shares could reach $150, with room to go higher as the spinoff takes shape. Bottom line The biggest risks are that concerns about AI data center spending weigh on the stock or Axiom fails to deliver the margin improvement I'm expecting. But I believe Axiom's position in a critical part of AI infrastructure and experienced leadership make Flex an attractive investment opportunity. Paul Meeks is the Managing Director and Head of Technology Research of Freedom Capital Markets. Disclosures: Meeks does not own shares personally or through the firm. 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