《Google, Reddit, Amazon, TSMC – Are our Biggest Winners Still a Buy Now?》
戴尔的估值相对于其低利润的现实而言被高估；预计估值倍数将收缩，股价将下跌。
戴尔不那么耀眼，因为它不制造芯片或人工智能模型，但它们为这一切提供基础设施，即数据中心。所以，它不是纯正的投资标的，因为其一半收入来自传统的个人电脑业务，至少在过去一年是这样。
但现在情况略有转变，基础设施部分业务实际上已增长到60%，主要得益于该部门70%的同比增长。
Dell is less shiny since it doesn't build the chips or the AI models, but they do provide the infrastructure for it all, the data centers. So, it's not a pure play because half of their revenues comes from this legacy PC segment or at least that was the case in the past year. But now it has shifted slightly and the infrastructure part of the business has actually grown to 60% primarily driven by 70% revenue growth in that segment year-over-year.
正如你提到的，这项业务有两个部分。你有传统的PC业务，然后你有基础设施业务。PC业务相当成熟，而且商品化，利润率低，大约在6%到7%。我推荐戴尔股票的原因是，他们开始涉足这些AI数据中心合同。