Third Point Offshore Fund, Ltd. / Third Point LLC on Flex Ltd.

Third Point established a new position in Flex after the company announced plans to separate its Cloud & Power Infrastructure business into an independent public company. The fund sees CPI as a differentiated supplier of electrical power systems, liquid cooling products and integrated server racks for AI data centers, positioned between traditional electrical-equipment vendors and rack manufacturers. Revenue is expected to rise from roughly $6 billion in 2025 to nearly $20 billion in 2027, while a greater mix of branded electrical and cooling products should lift margins. Exposure to Google and next-generation data-center power architecture gives the business a direct path to growing AI infrastructure demand. Third Point believes the separation could unlock significant shareholder value if CPI executes on its growth outlook and earns a valuation comparable with other high-quality AI infrastructure companies.