Wall Street predicts a massive stampede for iPhone upgrades later this year, after Apple unveils a 10th-anniversary model stuffed with new tricks. That’s good news for Hon Hai Precision Industry, which owns the world’s largest iPhone factory, in Zhengzhou, China. Its Taiwan-traded shares are up 36% this year.
But investors should favour a much smaller manufacturer for hire, with a U.S. heritage—and electronics assembly isn’t the biggest reason. Flex (ticker: FLEX), formerly called Flextronics, is using robotics, machine learning, three-dimensional printing, and other next-generation technologies to transform itself into an everything factory, able to turn out not just consumer electronics but also medical equipment, sneakers, car components—you name it.
