1. Celestica has positioned itself as a major provider of manufacturing and design services to hyperscalers, benefiting significantly from the growth in AI infrastructure. 2. Concerns are rising among analysts that AI investments may decline due to challenges with monetization, while ATS segment customers face weakening demand. 3. Despite these risks, Celestica's stock trades at an all-time high forward price-to-earnings multiple. 4. The article suggests a 'Hold' rating for Celestica due to slower growth outlook and overvalued stock price.