Core Insights - Dell Technologies is set to report its first-quarter fiscal 2026 results on May 29, with expected revenues between $22.5 billion and $23.5 billion, indicating a 3% year-over-year growth at the midpoint of $23 billion [1] - The Zacks Consensus Estimate for revenues is $23.10 billion, suggesting a 3.86% growth from the previous year, while the consensus for earnings is $1.71 per share, reflecting a year-over-year growth of 34.65% [2] Financial Performance - Dell Technologies has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average earnings surprise of 5.13% [3] - The anticipated revenue growth for the combined Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) is 6% year-over-year at the midpoint, with ISG expected to grow in the low teens and CSG revenues expected to remain flat [5] Market Dynamics - The ISG revenues are estimated at $10.379 billion, indicating an 11.2% year-over-year growth, while CSG revenues are pegged at $12.237 billion, suggesting a 2.25% year-over-year growth [6] - The demand for AI-optimized servers is expected to have positively impacted Dell's fiscal first-quarter results, driven by digital transformation and interest in generative AI applications [4][7] Competitive Position - Dell Technologies' leadership in AI-optimized servers, including the PowerEdge 9680, has contributed to its growth, with a reported increase of $1.7 billion in AI server orders in the previous quarter [7] - The company's shares have underperformed the broader Zacks Computer & Technology sector year-to-date, losing 2.7% compared to the sector's 3.6% return, attributed to macroeconomic challenges and trade tensions [8] Valuation Metrics - Dell Technologies shares are considered undervalued, with a Value Score of B and a forward 12-month price-to-sales ratio of 0.75X, significantly lower than the sector's average of 6.12X [11] Strategic Partnerships - Dell's expanding partner base, including collaborations with NVIDIA, Microsoft, and Meta Platforms, is likely to have driven growth during the fiscal first quarter [13][14][15] - The partnership with NVIDIA aims to accelerate enterprise AI adoption, which is expected to reflect positively in the upcoming quarter's performance [14]

戴尔(DELL.N)：计划支持英伟达(NVDA.O)VERA CPU，新款戴尔PowerEdge XE服务器支持英伟达 VERA RUBIN平台，与英伟达推出下一代企业人工智能解决方案。 ...

Core Viewpoint - The article discusses the advancements in liquid cooling technology for data centers, particularly highlighting Supermicro's new DLC-2 technology and its implications for energy efficiency and operational costs in the context of rising AI computing demands [2][5][9]. Group 1: Supermicro and DLC-2 Technology - Supermicro announced the launch of its next-generation DLC-2 technology, which has led to a fourfold revenue increase over the past three years, driven by the maturity of liquid cooling technology [2]. - The new data center construction modular solution (DCBBS) integrates the DLC-2 technology, achieving a 40% improvement in energy and water savings, a heat capture rate of 98%, and a noise level as low as 50db, while also reducing capital expenditures by up to 20% [2][9]. - Supermicro's stock has experienced significant volatility, with a 300% increase in 2023 due to AI demand, followed by an 80% decline in 2024 due to financial reporting delays and governance issues [7][12]. Group 2: AI Computing Power and Market Trends - NVIDIA's CEO Jensen Huang emphasized the critical role of computing power in AI development, noting that AI computing performance improves by a factor of one million every decade [4]. - The IDC report predicts that China's AI computing power market will reach $25.9 billion by 2025, growing 36.2% from 2024, while total energy consumption in Chinese data centers is expected to exceed 400 billion kWh, accounting for over 4% of total national consumption [4]. Group 3: Liquid Cooling Technology Overview - Liquid cooling technology is categorized into non-contact and contact types, with non-contact cooling being the most widely used due to its maturity [5]. - The average energy consumption for cooling systems in air-cooled data centers exceeds 50%, with higher ratios in AI computing centers [5]. - The emergence of high-density computing scenarios has led to the development of new immersion cooling solutions, which are expected to see widespread adoption as server power densities increase [5][6]. Group 4: Financial Performance and Future Outlook - MiaoSuan Technology, founded in 2023, aims for a revenue target of 300 million yuan in 2025, leveraging its immersion cooling technology [6][7]. - Supermicro's recent partnership with DataVolt in Saudi Arabia indicates ongoing interest in high-performance computing solutions despite past financial challenges [7]. - The operational efficiency of liquid cooling systems can lower Power Usage Effectiveness (PUE) to as low as 1.15, with potential for further reductions in specific areas [9].

Group 1: Company Overview - MiTAC Computing Technology Corporation is a leading server platform design and manufacturing company, a subsidiary of MiTAC Holdings Corporation, showcasing innovations in AI infrastructure at COMPUTEX 2025 [1][6] - The company specializes in AI, high-performance computing (HPC), cloud, and edge computing, ensuring uncompromising quality at system and rack levels [6][7] Group 2: Product Innovations - MiTAC Computing introduced the MiTAC G4527G6 server, optimized for NVIDIA MGX architecture, supporting NVIDIA RTX PRO 6000 Blackwell Server Edition GPUs and NVIDIA H200 NVL platform for enterprise AI workloads [1][2] - The G4527G6 server accommodates up to eight NVIDIA GPUs, 8TB of DDR5-6400 memory, and integrates four NVIDIA ConnectX-8 SuperNICs, delivering up to 800 Gb/s of networking [2][3] - The MiTAC G4527G6 server configuration supports a wide range of AI-enabled enterprise applications, providing up to 1.8X faster LLM inference and 1.3X improved HPC performance compared to the previous generation [5] Group 3: Market Positioning - MiTAC Computing aims to build enterprise AI factories with a full-stack platform optimized for next-gen enterprise AI, offering over 100 customizable configurations [4][5] - The company leverages advancements in AI and liquid cooling, integrating Intel DSG and TYAN server products to enhance innovation, efficiency, and reliability [7]

Core Viewpoint - The article discusses the growth and investment opportunities in the AI computing center market in China, particularly focusing on the Huawei Ascend ecosystem and its associated companies across four key areas: complete machines, power supply, cooling, and connectivity [2]. Group 1: Complete Machines - The newly added computing power in 2024 is expected to reach approximately 20,000 PFlops, with the investment scale of China's intelligent computing center market projected to reach 288.6 billion yuan by 2028. In 2023, the market size was 87.9 billion yuan, showing a year-on-year growth of over 90% [3]. - As of August 2024, there are over 300 intelligent computing center projects in China, with a total announced computing power exceeding 500,000 PFlops. About one-third of these projects are planned to have a computing power greater than 500 PFlops, mainly funded by government or telecom operators [3]. Group 2: Power Supply - AI servers utilize three power supply methods: external cabinets, racks, and trays. The power supply unit (PSU) converts high-voltage AC from the grid to 48V DC, which is then further converted to 12V for CPUs and 0.8V for GPUs [15]. - The GB200 NVL72 cabinet is equipped with 48 5.5kW PSUs, providing a total power of 132kW. The increasing power demand in AI servers is expected to expand the AI power supply market [16][21]. Group 3: Cooling - The power consumption of single cabinets has increased from 4-6 kW in traditional computing centers to 20-40 kW or higher in intelligent computing centers. Liquid cooling technology is becoming the preferred choice due to its efficiency and low energy consumption [27]. - The market size for liquid cooling data centers in China was 8.63 billion yuan in 2023, with a growth rate of 26.2%, expected to reach 18.01 billion yuan by 2026 [29]. Group 4: Connectivity - Backplane connectors are crucial for high-performance servers and communication devices, supporting high-speed data transmission and ensuring signal integrity [38]. - The Chinese communication connector market is projected to grow at a compound annual growth rate of 30%-35%, with expectations to exceed 60 billion yuan by 2025, where AI-related connectors will account for over 70% of the market [40].

Industry Overview - The global server market is projected to grow at a CAGR of 9.8% from 2024 to 2030, driven by strong adoption across various industries including healthcare, retail, BFSI, and education [1] Super Micro Computer (SMCI) - SMCI's growth is primarily fueled by the increasing demand for AI workloads, with a rise in data centers and the expansion of existing ones [3] - The company's liquid-cooled and modular servers are popular among cloud service providers and enterprises, particularly for handling AI at scale [4] - SMCI is facing near-term challenges such as delayed purchasing decisions from customers evaluating next-generation AI platforms [5] - Margin contraction is occurring due to price competition and a one-time inventory write-down on older-generation GPUs, affecting overall profitability [6] - SMCI revised its revenue guidance for fiscal 2025 from $23.5-$25.0 billion to $21.8-$22.6 billion, with a Zacks Consensus Estimate of $22.07 billion indicating a growth of 47.7% [7] Hewlett Packard Enterprise (HPE) - HPE's server segment sales increased by 29% year-over-year in Q1 2025, driven by strong demand for AI servers [9] - The server segment accounted for 53% of HPE's fiscal 2024 revenues, with a focus on high-margin enterprise-class server markets [10] - HPE's GreenLake platform is gaining traction, with a customer base growth of 5.1% year-over-year, contributing to a revenue run rate of over $1.9 billion [11] - HPE forecasts a year-over-year revenue growth of 7-11% in constant currency, with a Zacks Consensus Estimate for 2025 revenues at $32.6 billion, indicating an 8.2% growth [12] Stock Performance and Valuation - Over the past year, SMCI and HPE stocks have declined by 51.3% and 1.5%, respectively [14] - SMCI is trading at a forward 12-month ratio of 0.92X, while HPE is at 0.70X, making HPE's valuation more attractive [15] Conclusion - HPE is considered a stronger investment option due to its deep server portfolio and GreenLake offerings, while SMCI faces challenges from delayed purchasing decisions and margin pressures [17]

Core Viewpoint - The supply-side risks have been largely eliminated, and the focus now shifts to demand dynamics, particularly in the context of AI capital expenditures by major internet companies [1][2]. Group 1: Company Performance and Revenue Growth - Inspur Information's revenue has experienced two significant growth phases: from 12.668 billion to 46.941 billion from 2016 to 2018, and from 65.867 billion to 114.767 billion from 2023 to 2024, driven by surges in cloud demand and capital expenditures from internet giants [4][6]. - In Q1 2025, Inspur reported a revenue increase of 165.31% and a net profit growth of 78.03%, yet the stock price only rebounded by about 6%, reflecting market concerns over trade uncertainties and future performance [2][21]. - The company's domestic revenue for 2024 was 80.686 billion, up 43.26%, while overseas revenue surged by 256.98% to 34.081 billion, increasing its share of total revenue to nearly 30% [7][8]. Group 2: Customer Structure and Capital Expenditure - In 2024, the top five customers accounted for nearly 75% of Inspur's revenue, indicating a high customer concentration that has historically correlated with revenue spikes during periods of increased capital expenditure from major clients [8][9]. - Capital expenditures from major cloud providers like Microsoft, Amazon, Google, and Meta are projected to exceed previous guidance, with a year-on-year growth rate of over 60% for 2024, which is a key driver for Inspur's overseas revenue growth [11][12]. Group 3: Sales Channels and Profitability - Inspur's sales channels are divided into industry (direct sales) and regional (distribution) channels, with industry sales accounting for 84.29% of revenue in 2024, but with a significantly lower gross margin of 5.04% compared to 16.07% for regional sales [15][17]. - The company's overall gross margin for 2024 was 6.85%, with a notable decline in profitability attributed to the increasing share of low-margin industry customers [20][21]. Group 4: Financial Management and Inventory - As of 2024, Inspur's total assets reached 71.191 billion, with inventory constituting 57.08% of total assets, reflecting a strategy to mitigate supply chain risks by maintaining high inventory levels [28][30]. - The company has three main sources of funding: customer deposits, extended payment terms, and debt financing, which collectively provide approximately 359.02 billion in funding, closely matching its inventory levels [30][31]. Group 5: Market Outlook and Investment Considerations - The primary factor suppressing Inspur's stock price is the impact of trade conditions on chip imports and product exports, despite strong growth in overseas revenue [33][36]. - The company is expected to maintain high growth in Q2 2025, supported by a record high contract liability of 113.07 billion, which is anticipated to convert into revenue [33][34]. - Long-term growth will depend on the ability to secure sufficient chip supply and the resilience of domestic demand to offset potential declines in overseas revenue [35][36].

根据TrendForce集邦咨询最新研究， AII 服务器需求带动北美四大CSP加速自研ASIC芯片，平均1~2年 就会推出升级版本。中国 AI服务器市场预计外购 英伟达、 AMD等芯片比例会从2024年约63%下降至 2025年约42%，而中国本土芯片供应商在国有AI芯片政策支持下，预期2025年占比将提升至40%，几乎 与外购芯片比例平分秋色。 ...

Super Micro Computer, Inc. (SMCI) stock encountered controversies over the past year, including accounting violations and a non-compliance letter from Nasdaq. Although Supermicro avoided de-listing, its reputation declined, further aggravated by the issuance of weak guidance. However, Raymond James analysts have recently shown optimism for Supermicro stock. Is this a good time to buy? Let’s find out. Raymond James Remains Bullish on SMCI Stock Raymond James initiated Supermicro stock coverage, rating it “ou ...

Fiscal Q3 2025 Results May 6, 2025 Better Faster Greener © 2025 Supermicro DISCLOSURES Cautionary Statement Regarding Forward Looking Statements Statements contained in this press release that are not historical fact may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "co ...