Flex (FLEX) has expanded its manufacturing partnership with Cerebras to scale production of the CS-3 AI accelerator system at its Milpitas, California facilities. The share price is up 99.43% year to date, with a 1-year total shareholder return of 136.06%, though the 30-day share price return is down 18.49%. The most followed narrative implies a higher fair value, leaning on AI and data center exposure, with a 35% forecasted annual increase in its data center segment. This narrative results in a fair value of $160.40, suggesting the stock is undervalued. However, Flex trades on a P/E of 52.9x, compared with 29.4x for the US Electronic industry and 44.7x for its peer group, while the fair ratio is 66x. Risks include reliance on a small group of large AI and data center customers and relatively thin margins.