超級微型計算機（NASDAQ：SMCI）和BigBear.ai（NYSE：BBAI）代表了兩種投資人工智能（AI）市場的不同方式

SuperMicro生產專用的AI服務器。 BigBear.ai開發了可以插入邊緣網絡的AI模塊，以加速和自動化某些任務。

Both Super Micro Computer (NASDAQ:SMCI) and BigBear.ai (NYSE:BBAI) are interesting ways to invest in the artificial intelligence (AI) market.

超級微型計算機（NASDAQ：SMCI）和BigBear.ai（NYSE：BBAI）都是投資人工智能（AI）市場的有趣方法。

Supermicro, which is more commonly known as Supermicro, makes dedicated AI servers. BigBear.ai, on the other hand, develops AI modules that can be plugged into edge networks to rapidly accelerate and automate certain tasks.

Supermicro（通常稱為Supermicro）製造了專用的AI服務器。另一方面，bigbear.ai開發了可以插入邊緣網絡的AI模塊，以迅速加速和自動化某些任務。

Both stocks are also trading far below their all-time highs. Supermicro, which hit a record high of $118.81 on March 13, has dropped to about $33. BigBear.ai, which closed at a record peak of $12.69 on April 13, 2022, trades at less than $3.

這兩種股票的交易也遠低於其歷史最高點。 3月13日，Supermicro在3月13日達到118.81美元的創紀錄高點，跌至33美元左右。 BigBear.ai在2022年4月13日的創紀錄的峰值上關閉，其交易價格不到3美元。

Let's see why these two AI stocks fizzled out -- and if either one is still worth buying today.

讓我們看看為什麼這兩個AI股票逐漸消失 - 如果兩個人仍然值得購買。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

Supermicro is overcoming some major problems

Supermicro克服了一些主要問題

Supermicro controls a much smaller slice of the server market than Hewlett Packard Enterprise or Dell, but it established an early-mover advantage in the dedicated AI server market with its liquid-cooled systems. Its close relationship with Nvidia also provided it with a steady supply of the chipmaker's high-end data center GPUs for processing AI tasks.

SuperMicro控制了服務器市場的片段要比Hewlett Packard Enterprise或Dell更小，但是它在使用液冷系統的專用AI服務器市場中建立了早期的優勢。它與NVIDIA的密切關係還為其提供了芯片製造商高端數據中心GPU的穩定供應，用於處理AI任務。

Those advantages made Supermicro one of the market's hottest AI stocks. Its revenue grew 46% in fiscal 2022 (which ended in June 2022), 37% in 2023, and 110% in 2024.

這些優勢使Supermicro成為該市場最熱門的AI股票之一。它的收入在2022財年（2022年6月結束），2023年的收入增長了46％，2024年為110％。

But last August, a prolific short seller accused it of inflating its revenues. It subsequently delayed its 10-K filing for fiscal 2024, and it lost its auditor Ernst & Young in October. In November, it received a non-compliance letter from Nasdaq and its financial statements were subpoenaed by the Securities and Exchange Commission and the Department of Justice.

但是去年八月，一位多產的賣方指責其將其收入膨脹。隨後，它推遲了2024財年提交的10-K申請，並於10月失去了審計師Ernst＆Young。 11月，它收到了納斯達克的一封違規信，其財務報表由美國證券交易委員會和司法部傳喚。

As it faced those daunting challenges, Supermicro's stock sank to a one-and-a-half year low of $18.01 on Nov. 14. However, it bounced back over the following months as it hired a new auditor, finally filed its overdue 10-K, and kept its listing.

當它面臨著艱鉅的挑戰時，Supermicro的股票在11月14日下跌了一年半，低至18.01美元。但是，它在接下來的幾個月中反彈了，因為它聘請了一名新審計師，最終提交了其逾期10-K，並保留了其上市。

Supermicro's revenue more than doubled year over year in the first half of fiscal 2025, and it anticipates 74%-101% growth for the full year as the AI boom continues. From fiscal 2024 to fiscal 2027, analysts expect its revenue and EPS to grow at a compound annual growth rate (CAGR) of 38% and 22%, respectively. Those are explosive growth rates for a stock that trades at just 10 times next year's earnings.

Supermicro的收入在2025財年上半年的年份同比增加一倍以上，隨著AI繁榮的持續，它預計全年增長了74％-101％。從2024財年到2027財年，分析師預計其收入和每股收益將以復合年增長率（CAGR）分別增長38％和22％。這些是股票的爆炸性增長率，該股票的交易價格僅為明年的10倍。

We should take those bullish estimates with a grain of salt -- since higher tariffs will likely throttle Supermicro's near-term sales and squeeze its margins. But it could emerge as a stronger company if it weathers the incoming storm.

我們應該用鹽分來獲得那些看漲的估計 - 因為更高的關稅可能會節省Supermicro的近期銷售並擠壓其利潤率。但是，如果它破壞了即將來臨的風暴，它可能會成為一家更強大的公司。

BigBear.ai faces an existential crisis

bigbear.ai面臨生存危機

BigBear.ai, which went public by merging with a special purpose acquisition company (SPAC) in late 2021, originally claimed it could grow its annual revenue from $182 million in 2021 to $550 million in 2024. However, its revenue only reached $146 million in 2021 and $158 million in 2024. Its net loss more than doubled from $124 million in 2021 to $257 million in 2024.

BigBear.ai在2021年末與一家特殊目的收購公司（SPAC）合併，該公司聲稱，其年收入可能從2021年的1.82億美元增加到2024年的5.5億美元。但是，其收入在2021年的收入僅達到1.46億美元，在2024年達到了2024年的1.58億美元，其淨損失超過了2021億美元，超過204億美元，在204億美元中增加到20021年，達到了204億美元。

BigBear.ai struggled with macro headwinds, tough competition from larger AI companies, and the bankruptcy of its top customer Virgin Orbit in 2023. It's also on its third CEO since its public debut, and it recently delayed its 10-K filing for 2024 to restate all of its financial statements for 2022 and 2023. That restatement only impacts the calculations for its convertible debt and won't affect its sales or margins, but it still rattled its disillusioned investors.

BigBear.ai在宏觀逆風中掙扎，大型AI公司的激烈競爭以及2023年的頂級客戶處女軌道破產。它也是自公開亮相以來的第三位首席執行官，最近它在2024年的10-K申請中延遲了其2022年和2023年的股份，並不影響其銷售的所有費用。使幻滅的投資者震撼了。

The bulls hope BigBear.ai's newest CEO, Kevin McAleenan, the acting secretary of the Department of Homeland Security

公牛希望BigBear.ai的最新首席執行官Kevin McAleenan，國土安全部代理部長