Celestica has transformed into a high-growth connectivity and cloud solutions leader, benefiting from hyperscaler CAPEX and robust AI infrastructure demand. Despite trading at all-time highs and elevated multiples (~41.5x forward earnings), I reiterate my Buy rating, citing structural business changes and superior operating leverage. CLS's Q1 results highlight 80% YoY adjusted EPS growth, strong margin expansion, and positive FCF, driven by CCS segment sales and disciplined cost control.