Supermicro（SMCI）與Dell Technologies（Dell）：現在可以購買哪種AI股票？

儘管2025年初股票市場的極端波動，但人工智能（AI）革命仍在全力以赴。

Despite the extreme stock market volatility at the start of 2025, the artificial intelligence (AI) revolution is moving full steam ahead. As advances in machine learning and automation technology rapidly reshape the global economy, a new era of business productivity and human creativity is unfolding.

儘管2025年初股票市場的極端波動，但人工智能（AI）革命仍在全力以赴。隨著機器學習和自動化技術的進步迅速重塑了全球經濟，業務生產力和人類創造力的新時代正在發展。

At the core of this transformation are high-performance data centers, which play a critical role in the AI ecosystem. Two leading companies in this space are Super Micro Computer (NASDAQ: SMCI) and Dell Technologies (NYSE: DELL), which supply the essential server equipment and storage hardware to run AI workloads.

這種轉換的核心是高性能數據中心，在AI生態系統中起著至關重要的作用。該領域的兩家領先公司是超級微型計算機（NASDAQ：SMCI）和Dell Technologies（NYSE：DELL），它們提供了必需的服務器設備和存儲硬件來運行AI工作負載。

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Let's discuss whether Supermicro (as it is commonly known) or Dell Technologies is the better AI stock to buy right now.

讓我們討論SuperMicro（通常是眾所周知）還是Dell Technologies是現在購買的AI股票。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

The case for Supermicro

Supermicro的情況

Supermicro presents a remarkable growth story as an early winner in the AI boom. Even with the stock down 66% from its 52-week high at the time of writing, longtime shareholders have still enjoyed a 1,470% return over the past five years.

Supermicro作為AI繁榮的早期贏家提出了一個非凡的增長故事。即使在撰寫本文時，該股票在其52周高的高高下降了66％，在過去五年中，長期股東仍然享有1,470％的回報。

The company capitalizes on the demand for specialized rack-scale computer systems, which integrate power, storage, cooling, and software components to support graphics processing unit (GPU)-based AI chips from Nvidia and Advanced Micro Devices. Its technical leadership in next-generation direct-liquid cooling (DLC) technology is a key advantage, offering significant energy-efficiency gains for power-intensive data centers. Additionally, the company's U.S. manufacturing presence has become increasingly important amid trade tensions as businesses seek to secure their supply chains.

該公司利用了對專業機架規模計算機系統的需求，該計算機系統集成了電源，存儲，冷卻和軟件組件，以支持來自NVIDIA和高級微型設備的基於圖形處理單元（GPU）的AI芯片。它在下一代直接液體冷卻（DLC）技術方面的技術領導力是一個關鍵優勢，為強力密集型數據中心提供了巨大的能源效率增長。此外，隨著企業尋求確保其供應鏈的要求，該公司的美國製造業務已變得越來越重要。

Supermicro expects revenue to reach $23.5 billion to $25.0 billion in fiscal 2025, a 62% year-over-year increase. Looking ahead, the company sees a path to $40 billion in revenue by next year, driven by growing market adoption of its DLC technology and expanding production capacity. This momentum is accompanied by improving profitability, with Wall Street analysts predicting a 17% increase in adjusted earnings per share (EPS) this year to $2.59.

Supermicro預計2025財年的收入將達到235億至250億美元，同比增長62％。展望未來，該公司將在明年的收入達到400億美元的途徑，這是由於市場採用DLC技術和擴大生產能力的推動力所致。這種勢頭伴隨著提高盈利能力，華爾街分析師預測，今年調整後的每股收益（EPS）將增加17％，至2.59美元。

On the other hand, Supermicro's success has not been without challenges. In 2024, the company faced a headline-making accounting investigation by the U.S. Department of Justice (DOJ) while its auditor resigned due to governance concerns. Favorably, the company has since cleared up some of those issues, releasing an audited 2024 annual report, while an independent special committee cleared it of misconduct allegations. Uncertainties remain, including possible DOJ sanctions, yet the attraction of Supermicro now as an investment is in this comeback story.

另一方面，Supermicro的成功並非沒有挑戰。 2024年，該公司面臨美國司法部（DOJ）的頭條會計調查，而審計師由於治理的關注而辭職。很有良好的情況，該公司從那以後清除了其中一些問題，發布了一份經審計的2024年度報告，而一個獨立的特別委員會將其清除了不當指控。仍然存在不確定性，包括可能的司法部製裁，但是現在，Supermicro的吸引力是在這個複出的故事中進行的投資。

Investors who believe Supermicro's growth trajectory is back on track have plenty of reasons to buy shares of this AI leader.

相信超級型增長軌蹟的投資者有很多理由購買該AI領導者的股票。

The case for Dell Technologies

戴爾技術的情況

Dell Technologies' strength lies in its diversification. Generating $96 billion in revenue in fiscal 2025 (ended Jan. 31), the company is 4 times larger than Supermicro. It benefits from a broad product portfolio across enterprise-grade solutions and a consumer devices franchise.

Dell Technologies的優勢在於其多元化。該公司在2025財年產生了960億美元的收入，該公司比Supermicro高4倍。它受益於企業級解決方案的廣泛產品組合和消費設備專營權。

This year, its AI-optimized server systems powering data centers have driven record earnings. For the last reported fiscal 2025, revenue increased 8% year over year, with adjusted EPS rising 10% to $8.14. Notably, the AI servers and networking segment revenue grew 54% annually, nearly matching Supermicro's momentum.

今年，其AI優化的服務器系統為數據中心供電已推動了創紀錄的收入。在上次報告的2025財年，收入同比增長8％，調整後的每股收益上升10％至8.14美元。值得注意的是，AI服務器和網絡細分市場的收入每年增長54％，幾乎與Supermicro的勢頭相匹配。

While sluggish personal computer demand has weighed on Dell's firmwide results, this segment could have a silver lining. Dell's strategic emphasis on AI-powered PCs for businesses and consumers positions it to leverage an anticipated industry-wide replacement cycle for AI-ready devices into the next decade.

儘管個人計算機需求遲鈍，但戴爾（Dell）的牢固結果使這一細分市場可能有銀色的一線。戴爾（Dell）對企業和消費者的AI驅動PC的戰略重點將其定位為在未來十年中利用AI-Ready設備的預期範圍內的全行業替代周期。

Perhaps the strongest case for Dell as the better AI stock over Supermicro is its valuation. Shares trade at a forward price-to-earnings (P/E) ratio of 9.2, a steep discount to Supermicro's earnings multiple of 14.3. One interpretation is that Dell stock is undervalued, with shareholders also receiving a 2.1% dividend yield supported by its high-quality free cash flow.

戴爾（Dell）最強大的案例也許是超級股（Supermicro）的AI股票是其估值。股票的股票交易（p/e）比率為9.2，與超級股票的收益率達到14.3的高折扣。一種解釋是，戴爾股票被低估了，股東還獲得了2.1％的股息收益率，其高質量的自由現金流支持。

Data by YCharts. PE Ratio = price-to-earnings ratio.

YCHARTS的數據。 PE比=市盈率。

A tough decision between two industry leaders

兩個行業領導者之間的艱難決定

I'll give Supermicro the edge as the better AI stock based on its more specialized focus on AI infrastructure hardware and leadership in liquid cooling solutions. While the stock is riskier than Dell's, its stronger growth outlook may offer more upside potential if it can overcome regulatory uncertainties. If investors recognize that the delicate macroeconomic environment is a risk to consider, Supermicro stock is a great option for investors to capture tech and AI exposure in a diversified portfolio.

我將根據AI基礎架構硬件和液體冷卻解決方案的領導力更專門的專門關注，將Supermicro帶給Supermicro作為更好的AI股票。儘管該股票的風險比戴爾的風險更高，但如果可以克服監管不確定性，其強勁增長前景可能會帶來更大的上漲潛力。如果投資者認識到，精緻的宏觀經濟環境是考慮考慮的風險，那麼超級股票是投資者在多元化投資組合中捕獲技術和AI風險的理想選擇。

Should you invest $1,000 in Super Micro Computer right now?

您現在應該在超級微型計算機上投資1,000美元嗎？