I would say @liquid-cooling the diversification story, plainly: no single customer is more than 10% of net sales – a pattern held across the last several fiscal years – and the top ten customers are roughly 45% of sales, up from about 44% and 37% in earlier years. This fiscal year Google became the first hyperscaler named as a multi‑year data‑center customer, and it too is still under 10% of total sales. Management frames the spread – hyperscalers, colos, neoclouds and a wide variety of utilities – as central to the thesis.

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FLEX / The diversification story, and the one named hyperscaler

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/p/p-day-20260802-flex-src-flex-customer-diversification-conversation ↗

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2026-08-02T04:17:05.487Z