<p><strong>戴尔</strong>(DELL -1.25%) 和 <strong>超微电脑</strong>(SMCI 0.10%) 是人工智能 (AI) 服务器领域的领先企业。对 AI 计算的需求正在激增，两家公司在这一领域都取得了强劲的增长。但这两只 AI 服务器股票中，哪一只更便宜呢？</p>
<h2>估值对决：戴尔 vs. 超微电脑</h2>
<p>将公司的预期年每股收益与其股价进行比较，是了解股票估值的一种方式，较小的收益比率可能表明公司相对于其估值产生了更强的利润。以下图表提供了两家公司按前瞻市盈率的估值比较。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e24c2f250efa8cb02ee2c3b0f32ba056.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e24c2f250efa8cb02ee2c3b0f32ba056.png"/></p>
<p>戴尔前瞻市盈率数据来源于 YCharts</p>
<p>戴尔的前瞻市盈率约为 9.6，而超微的前瞻市盈率约为 13.2，因此从市盈率的角度来看，戴尔的股票显得明显更便宜。当然，这并不能说明全部情况。戴尔在服务器领域之外还有其他业务单位，预计其销售和收益的增长速度会较慢。</p>
<p>超微的收益预计将以显著更快的速度增长，因此投资者愿意给予其更高的收益倍数也是有道理的。但超微仍在从一些近期的会计争议中恢复，因此该股票带有一些额外的不确定性和风险。另一个复杂的因素是，两家公司都被视为调查的一部分，以确定禁运至中国的先进 <strong>Nvidia</strong> 处理器的服务器是如何被销售到该国的。</p>
<p>在这里，戴尔是更安全的股票，其收益倍数足够低，即使其整体收益增长不会那么引人注目，也能提供显著的上行空间。与此同时，超微的股票在预测增长方面看起来更便宜——但这种增长是一个风险更大的赌注。</p>

超微电脑

<p>戴尔和超微电脑在人工智能服务器市场中是关键参与者，戴尔的前瞻市盈率为 9.6，显得比超微的 13.2 更便宜。然而，由于戴尔业务部门多样化，其增长可能较慢，而超微预计将更快增长，但由于近期的会计问题和与英伟达处理器相关的调查，超微面临风险。戴尔被认为是更安全的投资，而超微则提供了更具风险的增长潜力</p>

<p><strong>Dell</strong>(DELL -1.25%) and <strong>Super Micro Computer</strong>(SMCI 0.10%) are leading players in the artificial intelligence (AI) server space. Demand for AI computing has been surging, and each company has been racking up strong growth in the category. But which of these AI server stocks is cheaper?</p>
<div class="lb-trans"><p><strong>戴尔</strong>(DELL -1.25%) 和 <strong>超微电脑</strong>(SMCI 0.10%) 是人工智能 (AI) 服务器领域的领先企业。对 AI 计算的需求正在激增，两家公司在这一领域都取得了强劲的增长。但这两只 AI 服务器股票中，哪一只更便宜呢？</p>
</div><h2>Valuation showdown: Dell vs. Super Micro Computer</h2>
<div class="lb-trans"><h2>估值对决：戴尔 vs. 超微电脑</h2>
</div><p>Comparing a company's expected annual earnings per share against its stock price is one way to get a look at a stock's valuation profile, and a smaller earnings ratio can potentially indicate that a company is generating stronger profit relative to its valuation. The following chart provides a comparison of the two companies' valuations by forward price-to-earnings ratios.</p>
<div class="lb-trans"><p>将公司的预期年每股收益与其股价进行比较，是了解股票估值的一种方式，较小的收益比率可能表明公司相对于其估值产生了更强的利润。以下图表提供了两家公司按前瞻市盈率的估值比较。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e24c2f250efa8cb02ee2c3b0f32ba056.png" alt="" original-src="https://media.ycharts.com/charts/e24c2f250efa8cb02ee2c3b0f32ba056.png"/></p>
<p>DELL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>戴尔前瞻市盈率数据来源于 YCharts</p>
</div><p>With Dell trading at roughly a 9.6 forward P/E, compared with Supermicro's roughly 13.2 forward P/E, its stock looks significantly cheaper than on a price-to-earnings basis. Of course, this doesn't tell the whole story. Dell has other business units outside the server space and will probably grow its sales and earnings at a slower pace.</p>
<div class="lb-trans"><p>戴尔的前瞻市盈率约为 9.6，而超微的前瞻市盈率约为 13.2，因此从市盈率的角度来看，戴尔的股票显得明显更便宜。当然，这并不能说明全部情况。戴尔在服务器领域之外还有其他业务单位，预计其销售和收益的增长速度会较慢。</p>
</div><p>Supermicro's earnings are projected to grow at a significantly faster rate, so it makes sense that investors are willing to give it a higher earnings multiple. But Supermicro is still emerging from some recent accounting controversies, so the stock comes with some added uncertainty and risk. Adding another complicating factor to the valuation picture, both companies are being looked at as part of a probe to determine how servers featuring advanced <strong>Nvidia</strong> processors that are banned from export to China wound up being sold into the country.</p>
<div class="lb-trans"><p>超微的收益预计将以显著更快的速度增长，因此投资者愿意给予其更高的收益倍数也是有道理的。但超微仍在从一些近期的会计争议中恢复，因此该股票带有一些额外的不确定性和风险。另一个复杂的因素是，两家公司都被视为调查的一部分，以确定禁运至中国的先进 <strong>Nvidia</strong> 处理器的服务器是如何被销售到该国的。</p>
</div><p>Dell is the safer stock here and trades at a low enough earnings multiple to offer significant upside even if its overall earnings growth won't be as flashy. Meanwhile, Supermicro stock looks cheaper in terms of forecasted growth -- but that growth is a riskier bet.</p>
<div class="lb-trans"><p>在这里，戴尔是更安全的股票，其收益倍数足够低，即使其整体收益增长不会那么引人注目，也能提供显著的上行空间。与此同时，超微的股票在预测增长方面看起来更便宜——但这种增长是一个风险更大的赌注。</p>
</div>

Which AI Stock Is Cheaper: Dell or Super Micro Computer?

- Dell 和 Super Micro Computer 是人工智能服务器领域的领先企业。  
- Dell 的前瞻市盈率约为 9.6，明显低于 Supermicro 的 13.2。  
- Supermicro 的盈利增长预期更快，但面临会计争议带来的风险。  

哪只 AI 股票更便宜：戴尔还是 Super Micro Computer？