# If Flex Ltd. moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/flex-ltd · Facet: ripple · Updated: 2026-09-24T11:00:19.552167+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Flex Ltd. is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 36 companies within two hops; the links are backed by 12 dated sources, 4 of them primary filings (as of 2026-09-24).

This node shows most clearly where money moved inside the AI chain in 2026. Compute rose first (NVIDIA +239.0% in 2023, +171.2% in 2024). Hyperscalers followed (Alphabet +66.0% in 2025). In 2026 the move reached the layer that physically builds data centers. Flex compounded +67.2% in 2024, +57.4% in 2025 and +81.2% in 2026, moving in step with the rest of that physical layer: Equinix +37.3%, onsemi +37.4%, GE Vernova +44.4%. Its position in the chain is confirmed by results. The AI data center power and cooling segment, CPI, reached $6.6B in FY2026, 24% of revenue and up 38% year over year, with a spin-off planned for the first quarter of calendar 2027. So most of the growth comes not from the contract-manufacturing volumes that link Flex to Alphabet and Palo Alto Networks in this graph, but from the newer power and cooling axis. The counter-signal matters too. onsemi, a supplier, fell 24.5% in 2024 and 14.1% in 2025 before turning to +37.4% in 2026, meaning the component tier reacted later than the assembly tier and the chain did not propagate evenly. The CPI spin-off detaches the entire re-rating case from this node, so the multiple on the remaining EMS business is the open question.

## Demand chain (leading)
- T1 Alphabet (Google) (https://valuechain.wiki/alphabet.md)
- T2 Anthropic (https://valuechain.wiki/anthropic.md)
- T3 Shopify (https://valuechain.wiki/shopify.md)
- T2 Planet Labs (https://valuechain.wiki/planet-labs.md)
- T2 Walmart Inc (https://valuechain.wiki/walmart.md)
- T3 UnitedHealth Group Incorporated (https://valuechain.wiki/unitedhealth-group.md)
- T2 McDonald's (https://valuechain.wiki/mcdonalds.md)
- T3 Keurig Dr Pepper Inc. (https://valuechain.wiki/keurig-dr-pepper.md)
- T2 MercadoLibre, Inc. (https://valuechain.wiki/mercadolibre.md)
- T2 Uber (https://valuechain.wiki/uber.md)
- T3 Yum! Brands (https://valuechain.wiki/yum-brands.md)
- T3 The Kroger Co. (https://valuechain.wiki/kroger.md)
- T2 Costco Wholesale (https://valuechain.wiki/costco.md)
- T2 LVMH Moet Hennessy Louis Vuitton (https://valuechain.wiki/lvmh.md)
- T2 Recursion Pharmaceuticals (https://valuechain.wiki/recursion.md)
- T2 Intuit Inc. (https://valuechain.wiki/intuit.md)
- T2 Workday, Inc. (https://valuechain.wiki/workday.md)
- T3 Bank of America (https://valuechain.wiki/bank-of-america.md)
- T3 Netflix (https://valuechain.wiki/netflix.md)
- T3 GE Vernova (https://valuechain.wiki/ge-vernova.md)
- T3 Cognizant Technology Solutions Corporation (https://valuechain.wiki/cognizant.md)
- T2 Salesforce, Inc. (https://valuechain.wiki/salesforce.md)
- T3 PepsiCo (https://valuechain.wiki/pepsico.md)
- T3 Equinix (https://valuechain.wiki/equinix.md)
- T3 Boston Scientific Corporation (https://valuechain.wiki/boston-scientific.md)
- T3 Veeva Systems (https://valuechain.wiki/veeva-systems.md)
- T3 Williams-Sonoma, Inc. (https://valuechain.wiki/williams-sonoma.md)
- T3 Veralto Corporation (https://valuechain.wiki/veralto.md)
- T3 Ralph Lauren Corporation (https://valuechain.wiki/ralph-lauren.md)
- T2 Booking Holdings Inc. (https://valuechain.wiki/booking-holdings.md)
- T3 Marriott International, Inc. (https://valuechain.wiki/marriott-international.md)
- T3 Hilton Worldwide Holdings Inc. (https://valuechain.wiki/hilton-worldwide.md)
- T2 Stryker Corporation (https://valuechain.wiki/stryker.md)
- T3 HCA Healthcare, Inc. (https://valuechain.wiki/hca-healthcare.md)
- T2 DoorDash, Inc. (https://valuechain.wiki/doordash.md)
- T3 Domino's (https://valuechain.wiki/dominos.md)
- T2 AppLovin Corporation (https://valuechain.wiki/applovin.md)
- T2 Cintas Corporation (https://valuechain.wiki/cintas.md)
- T3 Ford Motor Company (https://valuechain.wiki/ford-motor-company.md)
- T2 Colgate-Palmolive Company (https://valuechain.wiki/colgate-palmolive.md)
- T3 Amazon (https://valuechain.wiki/amazon.md)
- T2 Honeywell Technologies (https://valuechain.wiki/honeywell-technologies.md)
- T3 ExxonMobil (https://valuechain.wiki/exxonmobil.md)
- T3 Chevron Corporation (https://valuechain.wiki/chevron.md)
- T2 AutoZone (https://valuechain.wiki/autozone.md)
- T2 eBay Inc. (https://valuechain.wiki/ebay.md)
- T2 Expedia Group, Inc. (https://valuechain.wiki/expedia-group.md)
- T3 Microsoft (https://valuechain.wiki/microsoft.md)
- T2 The Kraft Heinz Company (https://valuechain.wiki/kraft-heinz.md)
- T3 Dollar General Corporation (https://valuechain.wiki/dollar-general.md)
- T2 Ingersoll Rand Inc. (https://valuechain.wiki/ingersoll-rand.md)
- T3 W. W. Grainger (https://valuechain.wiki/w-w-grainger.md)
- T3 TE Connectivity (https://valuechain.wiki/te-connectivity.md)
- T2 Omnicom Group Inc. (https://valuechain.wiki/omnicom-group.md)
- T1 Palo Alto Networks (https://valuechain.wiki/palo-alto-networks.md)
- T1 F5, Inc. (https://valuechain.wiki/f5.md)

## Supply chain (benefiting)
- T1 LG Electronics (https://valuechain.wiki/lg-electronics.md)
- T2 LG Display (https://valuechain.wiki/lg-display.md)
- T3 Corning (https://valuechain.wiki/corning.md)
- T3 Merck KGaA (EMD) (https://valuechain.wiki/merck-kgaa.md)
- T3 Nitto Denko (https://valuechain.wiki/nitto-denko.md)
- T2 LG Chem (https://valuechain.wiki/lg-chem.md)
- T3 LG Energy Solution (https://valuechain.wiki/lg-energy-solution.md)
- T3 Cosmo Advanced Materials & Technology (https://valuechain.wiki/cosmo-advanced-materials-technology.md)
- T2 POSCO Holdings (https://valuechain.wiki/posco-holdings.md)
- T3 POSCO Future M (https://valuechain.wiki/posco-future-m.md)
- T2 Qualcomm (https://valuechain.wiki/qualcomm.md)
- T3 King Yuan Electronics (KYEC) (https://valuechain.wiki/kyec.md)
- T3 United Microelectronics (UMC) (https://valuechain.wiki/umc.md)
- T3 Leeno Industrial (https://valuechain.wiki/leeno.md)
- T3 Siemens EDA (https://valuechain.wiki/siemens-eda.md)
- T3 JCET (Jiangsu Changjiang Electronics) (https://valuechain.wiki/jcet.md)
- T3 Cadence Design Systems (https://valuechain.wiki/cadence.md)
- T3 Samsung Electronics (https://valuechain.wiki/samsung-electronics.md)
- T3 Synopsys (https://valuechain.wiki/synopsys.md)
- T3 Soitec (https://valuechain.wiki/soitec.md)
- T3 Arm Holdings (https://valuechain.wiki/arm.md)
- T3 TSMC (https://valuechain.wiki/tsmc.md)
- T3 Nepes (https://valuechain.wiki/nepes.md)
- T3 SMIC (https://valuechain.wiki/smic.md)
- T2 LG Innotek (https://valuechain.wiki/lg-innotek.md)
- T3 Resonac (https://valuechain.wiki/resonac.md)
- T1 onsemi (https://valuechain.wiki/onsemi.md)
- T2 Applied Materials (https://valuechain.wiki/applied-materials.md)
- T3 MKS Instruments (https://valuechain.wiki/mks-instruments.md)
- T3 TCK (Tokai Carbon Korea) (https://valuechain.wiki/tck.md)
- T3 Advanced Energy Industries (https://valuechain.wiki/advanced-energy.md)
- T3 Ichor Holdings (https://valuechain.wiki/ichor-holdings.md)
- T3 SMC Corporation (https://valuechain.wiki/smc.md)

---
Full node: https://valuechain.wiki/flex-ltd.md · JSON: https://valuechain.wiki/flex-ltd.json