Episode Details

Jabil’s Q3 2026 earnings reveal a massive AI datacenter boom running on surprisingly lean capital expenditures, even as working capital gets tied up in a sudden inventory glut.

In ~10 minutes:

• How Jabil keeps CapEx below 2% while scaling massive AI infrastructure.

• The "Trojan horse" playbook used to land a third major hyperscaler.

• Why the stock erased an explosive morning gap-up to close down 9%.

• Unpacking the unnaturally high 84-day inventory spike.

Jabil is bypassing the expensive side of the AI hardware race. Instead of owning intellectual property and burning cash on proprietary equipment, they are cornering the high-margin market of building and maintaining datacenter plumbing—securing vast operating leverage without the usual multi-billion dollar capex bleed. But with inventory hitting 84 days, the real test will be whether Q4 deliveries can successfully clear out the warehouse without any cloud push-outs. 🏭

Jabil Inc. (JBL) | Q3 FY2026

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