APH作为关键基础设施供应商具有看涨论点；其连接器需求在所有AI硬件平台上持续存在，支撑定价权和增长。
逐段跳播
好吧，我要谈谈今天视频中的最后一只股票。这是一家不是家喻户晓的公司，叫做安费诺，股票代码是AP。所以这是一家非常专注于技术基础设施物理层的企业，字面意义上。安费诺设计和制造微型引脚、精密插头、高速铜缆。
这些非常不起眼但必不可少的硬件连接器，他们卖给企业服务器制造商以及全球汽车制造商。
>> Well, I'm going to talk about uh the last stock in today's video. This is a company, not a household name, a company called Amphenol, and that the ticker for that is AP. So this is a business that's very much focused on the physical layer of tech infrastructure quite literally. So Amphenol designs and manufactures uh microscopic pins, precision plugs, uh high-speed copper cables. So this very unglamorous but essential hardware connectors that they sell to the enterprise server builders as well as auto manufacturers globally.
所以他们在AI和数据中心繁荣之外有一个多元化的业务。我们谈到的建设中的物理限制是AI繁荣的一种守门人，但也是数据传输的物理限制。所以当云巨头购买英伟达显卡时，这些芯片如果没有非常专业和精确的电缆、连接器配置就无法通信，这就是安费诺销售的。
他们在这个硬件利基市场是领导者，并且已经很久了，这使他们成为当前时期以及我认为未来的基本公用事业提供商。
So they have a a diversified business outside of you know the AI and data center boom. um something we've talked about you know the physical limitations that we are seeing in the buildout are one sort of gatekeeper of the AI boom but it's also the physical limitations on data transmission so you know when cloud giants are buying Nvidia graphics cards those chips can't communicate without very uh specialized precise cables connectors configurations that's what Amphanol sells they are the leader and have been for a long time uh in this hardware uh niche and so that makes them a essential utility provider um in this current time and I think as well uh moving forward
我认为他们的商业模式真正引人注目的另一件事是，随着芯片变得更强大，每个服务器机架的总美元含量会扩大。所以使用旧的服务器设置，传统的铜线足以处理标准网络流量，但在今天的数据移动需求下，这还不够。
如果单个连接器经历即使是微小的信号退化，整个训练模型可能会立即退化。
the other thing that's I think really um compelling about their business model is that their total dollar content per server rack scales up as chips get more powerful so with the old server setups you had traditional copper wiring it was more than enough to handle standard web traffic but in today's uh you know data movement requirements um that is not enough um if a single connector experienc experiences even minor signal degradation, you can have an entire training model that degrades instantly.
这给了安费诺定价权，因为显然超大规模数据中心不会在保护其计算集群的关键硬件接口上偷工减料。
And so this is giving amphenol pricing power because you know obviously hyperscalers they're not going to cut corners on the vital hardware interfaces that are protecting their compute clusters.
所以，我觉得有趣的是，无论数据中心运营商决定围绕英伟达硅片和定制云处理器还是替代平台构建其基础设施，他们仍然需要像安费诺这样的公司，并且经常需要安费诺来购买铜和光纤路径来连接该设施。
So, you know, one of the things that I find fascinating about this is whether a data center operator decides to build their infrastructure around Nvidia silicone and custom cloud processors or even alternative platforms, they're still going to require a company like Amphenol and often Amphanol to purchase the copper the fiber optic pathways to tie that facility together.
为了给出一些数字，最近一个季度他们交付了约40亿美元的收入。那是18%的同比增长率，营业利润率在20%出头。你可以将AI模型从封闭式改为开放式，或者改变地理位置，但你不能改变物理现实，即高速信号必须在芯片、服务器和机架之间移动。作为主要合作伙伴，
Just to put a few numbers on this, the recent quarter they delivered revenue of about $4 billion. That was an 18% year-over-year growth rate, operating margin in the low 20s. Um, you know, you can change the AI model to a closed one to an open one or the geographic location, but you can't change the physical reality that high-speed signals have to move between the chips, the servers, and the racks. And as a primary partner for
这个频道对 $APH 的历次判断
The Motley Fool 在这只股票上只有这一条判断。