Supermicro（SMCI）与Dell Technologies（Dell）：现在可以购买哪种AI股票？

尽管2025年初股票市场的极端波动，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.

尽管2025年初股票市场的极端波动，但人工智能（AI）革命仍在全力以赴。随着机器学习和自动化技术的进步迅速重塑了全球经济，业务生产力和人类创造力的新时代正在发展。

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.

这种转换的核心是高性能数据中心，在AI生态系统中起着至关重要的作用。该领域的两家领先公司是超级微型计算机（NASDAQ：SMCI）和Dell Technologies（NYSE：DELL），它们提供了必需的服务器设备和存储硬件来运行AI工作负载。

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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.

让我们讨论SuperMicro（通常是众所周知）还是Dell Technologies是现在购买的AI股票。

Image source: Getty Images.

图像来源：盖蒂图像。

The case for Supermicro

Supermicro的情况

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作为AI繁荣的早期赢家提出了一个非凡的增长故事。即使在撰写本文时，该股票在其52周高的高高下降了66％，在过去五年中，长期股东仍然享有1,470％的回报。

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.

该公司利用了对专业机架规模计算机系统的需求，该计算机系统集成了电源，存储，冷却和软件组件，以支持来自NVIDIA和高级微型设备的基于图形处理单元（GPU）的AI芯片。它在下一代直接液体冷却（DLC）技术方面的技术领导力是一个关键优势，为强力密集型数据中心提供了巨大的能源效率增长。此外，随着企业寻求确保其供应链的要求，该公司的美国制造业务已变得越来越重要。

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预计2025财年的收入将达到235亿至250亿美元，同比增长62％。展望未来，该公司将在明年的收入达到400亿美元的途径，这是由于市场采用DLC技术和扩大生产能力的推动力所致。这种势头伴随着提高盈利能力，华尔街分析师预测，今年调整后的每股收益（EPS）将增加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的成功并非没有挑战。 2024年，该公司面临美国司法部（DOJ）的头条会计调查，而审计师由于治理的关注而辞职。很有良好的情况，该公司从那以后清除了其中一些问题，发布了一份经审计的2024年度报告，而一个独立的特别委员会将其清除了不当指控。仍然存在不确定性，包括可能的司法部制裁，但是现在，Supermicro的吸引力是在这个复出的故事中进行的投资。

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

相信超级型增长轨迹的投资者有很多理由购买该AI领导者的股票。

The case for Dell Technologies

戴尔技术的情况

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的优势在于其多元化。该公司在2025财年产生了960亿美元的收入，该公司比Supermicro高4倍。它受益于企业级解决方案的广泛产品组合和消费设备专营权。

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优化的服务器系统为数据中心供电已推动了创纪录的收入。在上次报告的2025财年，收入同比增长8％，调整后的每股收益上升10％至8.14美元。值得注意的是，AI服务器和网络细分市场的收入每年增长54％，几乎与Supermicro的势头相匹配。

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.

尽管个人计算机需求迟钝，但戴尔（Dell）的牢固结果使这一细分市场可能有银色的一线。戴尔（Dell）对企业和消费者的AI驱动PC的战略重点将其定位为在未来十年中利用AI-Ready设备的预期范围内的全行业替代周期。

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.

戴尔（Dell）最强大的案例也许是超级股（Supermicro）的AI股票是其估值。股票的股票交易（p/e）比率为9.2，与超级股票的收益率达到14.3的高折扣。一种解释是，戴尔股票被低估了，股东还获得了2.1％的股息收益率，其高质量的自由现金流支持。

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

YCHARTS的数据。 PE比=市盈率。

A tough decision between two industry leaders

两个行业领导者之间的艰难决定

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.

我将根据AI基础架构硬件和液体冷却解决方案的领导力更专门的专门关注，将Supermicro带给Supermicro作为更好的AI股票。尽管该股票的风险比戴尔的风险更高，但如果可以克服监管不确定性，其强劲增长前景可能会带来更大的上涨潜力。如果投资者认识到，精致的宏观经济环境是考虑考虑的风险，那么超级股票是投资者在多元化投资组合中捕获技术和AI风险的理想选择。

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

您现在应该在超级微型计算机上投资1,000美元吗？