Celestica is upgraded to Strong Buy, driven by AI-fueled demand and new catalysts from major hyperscaler and chip partner developments. Alphabet's $80B capital raise could unlock a $10–16B incremental networking opportunity for Celestica, anchoring its CCS segment's ~70% topline growth target by CY26. Celestica benefits from structural shifts to next-gen switches and expanding CPO switch markets, reinforced by Broadcom's anticipated strong AI networking results.