持有NVDA是获取AI敞口的首选策略，因其卓越的业务质量和持久的现金流韧性，能够抵御潜在的市场放缓。
逐段跳播
我将解释戴尔如何从更广泛的AI数据中心建设中受益，以及他们现在如何与英伟达建立了紧密的合作伙伴关系。只要英伟达持续增长，戴尔也会随之增长。
I'll explain how Dell is benefiting from the broader AI data center buildout, and how they basically have a tight partnership now with Nvidia. And as long as Nvidia keeps growing, so will Dell.
所以，今天我将讲述戴尔如何在2026年成为成长股的故事，以及在某些指标下，它可能比英伟达更便宜。
So, today I'm going to tell the story of how Dell became a growth stock in 2026, and how by some metrics, it might be cheaper than Nvidia.
关于戴尔，另一个需要了解的重要事项是，与英伟达这样的公司相比，他们的利润率要低得多。英伟达的毛利率为72%，净利率为50%。
The other important thing to know about with Dell is that they have much lower margins compared to a company like Nvidia. Nvidia has 72% gross margins and 50% net margins.
我将解释这家PC公司如何现在进入支持AI工厂的业务，以及戴尔如何实际上从英伟达身上赚钱。而且那里正在形成一种合作伙伴关系。以及在未来5到10年的视角中，存在类似的不确定性，就像你看英伟达时一样。
I'm going to explain how the PC company is now getting in the business of enabling AI factories and how Dell is actually making money on Nvidia. And there's kind of a partnership forming there. And how there is similar uncertainty in the 5-to-10-year view, similar to how when you look at Nvidia.
你会注意到，这基本上与英伟达刚刚给出的预期营收增长和指引一致。这就是戴尔作为成长股的有趣之处。如果你像我一样认为英伟达在未来一到三年内将继续增长，那么戴尔将因同样的需求而受益，因为戴尔正在建设英伟达的基础设施。
And you'll notice that's basically in line with Nvidia's projected revenue growth and guidance they just gave. And that's the interesting thing with Dell being a growth stock here. If you're like me and you think Nvidia is going to keep growing in the next year to three years, Dell is going to benefit in that exact same demand because Dell is building out Nvidia's infrastructure.
戴尔销售的是英伟达的芯片和AI工厂。对于全年调整后每股收益，他们预计为25.50美元，同比增长150%。因此，这比英伟达的每股收益增长率更高。
It's Nvidia's chips and AI factories that Dell is selling. And for the full year adjusted earnings per share, they're guiding $25.50, which is up 150% year over year. So that's higher earnings per share growth than Nvidia.
鉴于戴尔来自较小的市值基础，如果它确实只是受益于英伟达的整体增长，那么考虑到英伟达涉及的美元金额庞大，这可能对戴尔股票意味着更多，因为它是一家较小的公司。
And given that Dell is coming from a smaller market cap base, if it does actually just benefit from Nvidia's overall growth, that might end up meaning more for Dell stock given it's a smaller company because of the raw dollar amounts that Nvidia is dealing with.
在某些情况下，它们并不是必需的，比如当英伟达向亚马逊网络服务、微软的Azure、谷歌的Google Cloud等超大规模企业销售时，它们在这种场景下并不是真正需要的。
Well, in some cases, they're not needed like when Nvidia is selling to the hyperscalers like Amazon Web Services, Microsoft with Microsoft Azure, Google with Google Cloud. They're not really needed in that kind of scenario.
甚至SpaceX和xAI也与戴尔合作。因此，戴尔采用英伟达的系统，无论是Blackwell还是正在推出的新的Vera Rubin，他们基本上在此基础上构建一些客户解决方案。
And even SpaceX and xAI works with Dell. So Dell takes the Nvidia systems, whether it's Blackwell, whether it's the new Vera Rubin that is rolling out, and they basically build some customer solutions on top of that.
因此，戴尔是第一大机架级基础设施提供商。他们是第一个出货英伟达Rubin系统的公司。而且他们在主流服务器市场拥有庞大的现有业务。
So, Dell is the number one rack-scale infrastructure provider. They were the first to ship their Rubin systems from Nvidia. And they have a large existing business in the mainstream server market.
因此，戴尔与英伟达的合作伙伴关系为他们提供了巨大的增长机会。但是，还有一些你需要了解的事情可能实际上是戴尔股票的负面因素。首先，他们没有像英伟达这样的公司那样的利润率。他们在这里更像是中间人。
他们是集成商。目前，他们在AI服务器上的营业利润率仅为个位数中段。
So, Dell's partnership with Nvidia here gives them a large opportunity for growth. But, there are some more things you need to understand that could actually be cons related to Dell's stock. First off, they don't have the same margin as companies like Nvidia. They are more of a middle man here. They're an integrator. Currently, they have a mid-single-digit operating margin on AI servers.
现在，5到10年后是否会出现过度建设，我完全不知道。因此，尽管戴尔拥有庞大的客户群，但就美元金额而言，大部分是由少数几家公司驱动的。而且所有这些公司都在英伟达生态系统中。CoreWeave基于英伟达构建。
XAI和SpaceX刚刚宣布他们将在芯片上独家使用英伟达。
Now, whether there's an overbuild 5 to 10 years from now, I have no idea. So, although Dell had a large customer base they're referencing, in terms of the dollar amounts, most of it's being driven by a few companies. And all of these companies are in the Nvidia ecosystem. CoreWeave builds on Nvidia. XAI and SpaceX just announced that they're going to be exclusive to Nvidia on chips.
但当你拉远视角，并不是戴尔在推动这一切。而是英伟达。英伟达是推动整个AI建设的那一方。这是他们的所以，英伟达的业务，正如我提到的，他们向超大规模企业销售，但同时也向AI云、工业和企业的细分市场销售。
那是他们的第二大细分市场。它的增长速度甚至超过了超大规模企业那边。
But as you zoom out, it's not Dell that is driving all of this. It's Nvidia. Nvidia is the one driving the entire AI buildout. It's their So, Nvidia's business, as I mentioned, they sell to the hyperscalers, but then they also sell to the AI clouds, industrial, and enterprise segment. That's their second largest segment. It's even growing faster than the hyperscaler side.
如果你回看我上周关于Nvidia的视频，我在其中深入探讨过，Nvidia的主要业务是数据中心。它分为超大规模客户，以及现在的AI云工业和企业细分市场。Nvidia基本上在说，从长远来看，这个细分市场将比他们的超大规模客户细分市场更大。
If you go back and watch my Nvidia video from last week, where I dove into that, Nvidia's main business is the data center. It's split between hyperscalers, and now that's AI cloud industrial enterprise segment. And Nvidia's basically saying that in the long run that segment will be bigger than their hyperscaler segment.
这是我喜欢Nvidia的部分原因，因为他们现在正在产生大量自由现金流，以至于资金流向那里。
This was part of what I liked about Nvidia in that they're the ones generating a ton of free cash flow right now to where the money is going.
但就我个人而言，我认为AI建设的最佳选择实际上就是持有Nvidia。而Nvidia的市盈率几乎与戴尔这样的公司相同。
But personally, I think the best play in the AI build out is actually just owning Nvidia. And Nvidia pretty much trades at the same PE multiple as a company like Dell.
Nvidia是一家市值5万亿美元的公司。Nvidia未来几年将产生数千亿美元的自由现金流。所以最终，我的投资组合计划就是持有Nvidia。我认为这样简单得多。它是更好的业务。即使在计算短缺结束、AI建设放缓甚至可能进入过度建设的环境中，它也会有更持久的现金流。
Nvidia is a 5 trillion dollar company. Nvidia is going to generate hundreds of billions of dollars of free cash flow in the coming years. So ultimately, my plan in my portfolio is just to own Nvidia. I think it keeps it way more simple. It's the better business. It will have more durable cash flows even in an environment where the compute shortage ends, the AI build out slows, perhaps even to get into an overbuild.
这个频道对 $NVDA 的历次判断
Dividend Data 在这只股票上共 3 条判断，这里只列相邻的几条。