<p>人工智能（AI）股票在过去两年中飙升，涨幅达到两位数甚至三位数。芯片设计公司 <strong>Nvidia</strong> 和软件公司 <strong>Palantir Technologies</strong> 等名字引领了这一潮流，因为它们报告了对其产品的强劲需求，这也带来了顶级的收益和股价表现。</p>
<p>尽管 AI 已成为许多科技公司的增长动力，但某些公司在最近的时间里失去了动力，或者错过了 AI 繁荣的初期阶段。不过，这并不意味着它们在未来不会从 AI 增长故事中受益，因为预计到 2030 年，市场将超过万亿美元。因此，企业仍有时间获得 AI 的胜利。</p>
<p>考虑到这一点，让我们看看 <strong>超微电脑</strong>（SMCI -1.66%），这是一家曾经飙升但在去年遇到瓶颈的公司，以及 <strong>英特尔</strong>（INTC -0.37%），这是一家在 AI 领域落后于竞争对手的公司。哪一只股票更适合投资？让我们来找出答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NTIvZ2V0dHlpbWFnZXMtdHdvLXBlb3BsZV9zbWlsZV9jb21wdXRlci5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NTIvZ2V0dHlpbWFnZXMtdHdvLXBlb3BsZV9zbWlsZV9jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>超微电脑的案例</h2>
<p>超微电脑成立超过 30 年，但该公司的增长真正是在 AI 繁荣的早期阶段开始加速的。这家科技公司为数据中心提供服务器和完整的机架规模系统。重要的是，它在其系统中包含了最新的技术——例如，来自 AI 领导者如 Nvidia 或 <strong>超威半导体</strong>（AMD）的芯片。这帮助收入和股价表现攀升。</p>
<p>但对公司会计做法的质疑随后严重影响了股价表现，股票从去年 3 月的高点下跌超过 70%，直到年底。</p>
<p>不过，会计问题已经得到解决，使公司重新回到正轨。但投资者最近对大量购买这只股票持谨慎态度。对未来经济的担忧普遍影响了 AI 股票，投资者对超微电脑的毛利率下降感到失望——最近一个季度的毛利率不到 10%，而一年前为 15%。不过，这并不太令人担忧，因为这与旧产品的库存增加和推出新产品的费用有关。</p>
<p>同样重要的是，超微电脑受益于一种构建块技术，使其能够快速组装和交付设备，满足客户的需求。该公司在液冷技术方面的专业知识也可能成为另一个增长动力，因为客户寻求解决 AI 数据中心中热量积聚的问题。</p>
<h2>英特尔的案例</h2>
<p>英特尔是中央处理器（CPU）的领先制造商，是计算机中的主要处理器。但该公司在 AI 这一高增长领域落后于 Nvidia 和 AMD。英特尔随后开发了自己的 AI 芯片，但在产生显著增长方面遇到了困难。该公司计划成为领先的代工厂，但迄今为止，这一计划更多地代表了一种负担，而非增长动力。</p>
<p>不过，英特尔现在可能正处于一个重要的转折点。该公司在 3 月任命了 Lip-Bu Tan——他在最近几年带领 <strong>Cadence Design Systems</strong> 实现了收入和股价的飙升——为新任首席执行官。Tan 首先宣布将进一步削减成本和简化流程，以便更快地将创意转化为产品，并投资于工程和创新。正如 Tan 所说，这将需要时间，因此投资者可能需要耐心——这种努力的结果可能需要一段时间才能显现。</p>
<p>Tan 还表示对代工业务的承诺，强调能够满足每个客户的需求。这也可能在短期内对英特尔造成压力，但如果 Tan 的计划成功，代工业务可能在未来成为公司的巨大增长动力。</p>
<h2>你应该购买超微电脑还是英特尔？</h2>
<p>如果超微电脑成功管理其库存和生产，它可能会在整个 AI 革命中继续受益。如果 Tan 能够实现他的部分目标，英特尔可能会在这场 AI 增长故事中找到自己的位置。</p>
<p>但重要的是要记住，这些公司在最近的麻烦之后仍然面临风险。因此，我只建议在你是一个不介意风险和波动的成长型投资者的情况下，投资于这两者或其中之一。在这种情况下，如果我必须选择一个，我会选择超微电脑。这只股票的合理估值为 22 倍的未来收益预期，并可能立即受益于未来几个季度的 AI 建设需求。至于英特尔，投资者可能希望再观察几个季度的财报，以了解 Tan 的战略，并寻找潜在的成功迹象。</p>

超微电脑

英特尔

<p>这篇文章将超微电脑和英特尔作为潜在的人工智能股票投资进行了比较。超微电脑面临挑战，但凭借其技术和库存管理展现出潜力，而英特尔在新任首席执行官谭立夫的领导下正在重组，以增强增长。两家公司都有风险，但由于超微电脑的定价合理以及可能从人工智能需求中受益，因此推荐给成长型投资者。英特尔可能需要更多时间来评估其扭转战略</p>

<p>Artificial intelligence (AI) stocks have soared over the past two years, gaining in the double and even triple digits. Names like chip designer <strong>Nvidia</strong> and software player <strong>Palantir Technologies</strong> led the movement as they reported soaring demand for their offerings, and this equaled top earnings and stock price performance.</p>
<div class="lb-trans"><p>人工智能（AI）股票在过去两年中飙升，涨幅达到两位数甚至三位数。芯片设计公司 <strong>Nvidia</strong> 和软件公司 <strong>Palantir Technologies</strong> 等名字引领了这一潮流，因为它们报告了对其产品的强劲需求，这也带来了顶级的收益和股价表现。</p>
</div><p>Though AI has been a growth driver for many tech players, certain companies have either lost momentum in more recent times or missed out on the initial stages of the AI boom. This doesn't mean they won't benefit from the AI growth story moving forward, though, as the market is expected to surpass the trillion-dollar mark by 2030. So, there's still time for companies to score an AI win.</p>
<div class="lb-trans"><p>尽管 AI 已成为许多科技公司的增长动力，但某些公司在最近的时间里失去了动力，或者错过了 AI 繁荣的初期阶段。不过，这并不意味着它们在未来不会从 AI 增长故事中受益，因为预计到 2030 年，市场将超过万亿美元。因此，企业仍有时间获得 AI 的胜利。</p>
</div><p>With this in mind, let's consider <strong>Super Micro Computer</strong>(SMCI -1.66%), a company that once soared but hit a roadblock last year, and <strong>Intel</strong>(INTC -0.37%), a player that's lagged rivals in the AI space. Which is the better AI stock? Let's find out.</p>
<div class="lb-trans"><p>考虑到这一点，让我们看看 <strong>超微电脑</strong>（SMCI -1.66%），这是一家曾经飙升但在去年遇到瓶颈的公司，以及 <strong>英特尔</strong>（INTC -0.37%），这是一家在 AI 领域落后于竞争对手的公司。哪一只股票更适合投资？让我们来找出答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NTIvZ2V0dHlpbWFnZXMtdHdvLXBlb3BsZV9zbWlsZV9jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818752%2Fgettyimages-two-people_smile_computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The case for Super Micro Computer</h2>
<div class="lb-trans"><h2>超微电脑的案例</h2>
</div><p>Supermicro has been around for more than 30 years, but the company's growth truly took off in the early days of the AI boom. The tech player provides servers and full rack scale systems to data centers. Importantly, it includes the latest technologies -- for example, chips from AI leaders such as Nvidia or <strong>Advanced Micro Devices</strong> (AMD) -- in its systems. This helped revenue and stock performance climb.</p>
<div class="lb-trans"><p>超微电脑成立超过 30 年，但该公司的增长真正是在 AI 繁荣的早期阶段开始加速的。这家科技公司为数据中心提供服务器和完整的机架规模系统。重要的是，它在其系统中包含了最新的技术——例如，来自 AI 领导者如 Nvidia 或 <strong>超威半导体</strong>（AMD）的芯片。这帮助收入和股价表现攀升。</p>
</div><p>But questions into the company's accounting practices then weighed heavily on share performance, and the stock fell more than 70% from its high in March of last year through the end of the year.</p>
<div class="lb-trans"><p>但对公司会计做法的质疑随后严重影响了股价表现，股票从去年 3 月的高点下跌超过 70%，直到年底。</p>
</div><p>The accounting questions were resolved, though, putting the company back on track. But investors have been wary about piling into this stock in recent times. Concern about the economy ahead has hurt AI stocks in general, and investors also have been disappointed in Supermicro's shrinking gross margin -- it came in at less than 10% in the recent quarter versus 15% a year earlier. This isn't too alarming, though, as it's linked to higher inventory of older products and expenses to bring newer products to market.</p>
<div class="lb-trans"><p>不过，会计问题已经得到解决，使公司重新回到正轨。但投资者最近对大量购买这只股票持谨慎态度。对未来经济的担忧普遍影响了 AI 股票，投资者对超微电脑的毛利率下降感到失望——最近一个季度的毛利率不到 10%，而一年前为 15%。不过，这并不太令人担忧，因为这与旧产品的库存增加和推出新产品的费用有关。</p>
</div><p>It's also important to note that Supermicro benefits from a building-blocks technology that allows it to quickly assemble and deliver its equipment, tailored to a customer's needs. And the company's expertise in liquid-cooling technology could offer another growth driver as customers look for ways to address the challenge of heat buildup in AI data centers.</p>
<div class="lb-trans"><p>同样重要的是，超微电脑受益于一种构建块技术，使其能够快速组装和交付设备，满足客户的需求。该公司在液冷技术方面的专业知识也可能成为另一个增长动力，因为客户寻求解决 AI 数据中心中热量积聚的问题。</p>
</div><h2>The case for Intel</h2>
<div class="lb-trans"><h2>英特尔的案例</h2>
</div><p>Intel is a leading maker of central processing units (CPUs), the main processor in a given computer. But the company fell behind in the high-growth area of AI as Nvida and AMD charged ahead. Intel has since developed its own AI chips, but it's struggled to generate significant growth. The company's plan to become a leading foundry has so far represented a weight rather than a growth driver.</p>
<div class="lb-trans"><p>英特尔是中央处理器（CPU）的领先制造商，是计算机中的主要处理器。但该公司在 AI 这一高增长领域落后于 Nvidia 和 AMD。英特尔随后开发了自己的 AI 芯片，但在产生显著增长方面遇到了困难。该公司计划成为领先的代工厂，但迄今为止，这一计划更多地代表了一种负担，而非增长动力。</p>
</div><p>Still, Intel could be at an important turning point right now. The company named Lip-Bu Tan -- who led <strong>Cadence Design Systems</strong> to soaring revenue and stock performance in recent years -- as new chief executive officer in March. Tan started off by announcing he would further cut costs and streamline processes so that ideas can turn into products more quickly, and invest in engineering and innovation. This will take time, as Tan said, so investors may have to be patient -- results of this sort of effort might take a while to emerge.</p>
<div class="lb-trans"><p>不过，英特尔现在可能正处于一个重要的转折点。该公司在 3 月任命了 Lip-Bu Tan——他在最近几年带领 <strong>Cadence Design Systems</strong> 实现了收入和股价的飙升——为新任首席执行官。Tan 首先宣布将进一步削减成本和简化流程，以便更快地将创意转化为产品，并投资于工程和创新。正如 Tan 所说，这将需要时间，因此投资者可能需要耐心——这种努力的结果可能需要一段时间才能显现。</p>
</div><p>Tan also has expressed commitment to the foundry business, with an emphasis on being able to address the needs of each customer. This, too, may weigh on Intel in the near term, but if Tan's plans work out, the foundry could be a massive growth driver for the company down the road.</p>
<div class="lb-trans"><p>Tan 还表示对代工业务的承诺，强调能够满足每个客户的需求。这也可能在短期内对英特尔造成压力，但如果 Tan 的计划成功，代工业务可能在未来成为公司的巨大增长动力。</p>
</div><h2>Should you buy Supermicro or Intel?</h2>
<div class="lb-trans"><h2>你应该购买超微电脑还是英特尔？</h2>
</div><p>If Supermicro successfully manages its inventory and production, it could continue to greatly benefit throughout the AI revolution. And if Tan is able to reach even some of his goals, Intel may find itself among AI winners later in this AI growth story.</p>
<div class="lb-trans"><p>如果超微电脑成功管理其库存和生产，它可能会在整个 AI 革命中继续受益。如果 Tan 能够实现他的部分目标，英特尔可能会在这场 AI 增长故事中找到自己的位置。</p>
</div><p>But it's important to remember that risk remains for these players after their recent troubles. So I would only recommend getting in on both or one of them if you're a growth investor who doesn't mind risk and volatility. And in this case, if I had to choose one, I would go for Supermicro. The stock is reasonably priced at 22x forward earnings estimates and could immediately benefit from AI build-out demand in the quarters to come. As for Intel, investors may want to watch a couple more quarterly reports to learn more about Tan's strategy -- and look for potential signs of success.</p>
<div class="lb-trans"><p>但重要的是要记住，这些公司在最近的麻烦之后仍然面临风险。因此，我只建议在你是一个不介意风险和波动的成长型投资者的情况下，投资于这两者或其中之一。在这种情况下，如果我必须选择一个，我会选择超微电脑。这只股票的合理估值为 22 倍的未来收益预期，并可能立即受益于未来几个季度的 AI 建设需求。至于英特尔，投资者可能希望再观察几个季度的财报，以了解 Tan 的战略，并寻找潜在的成功迹象。</p>
</div>

Better Artificial Intelligence Stock: Super Micro Computer vs. Intel

- 人工智能股票在过去两年大幅上涨，Nvidia 和 Palantir 领涨。  
- Super Micro Computer 和 Intel 在 AI 领域面临不同挑战与机遇。  
- Supermicro 若能管理好库存，可能在 AI 革命中受益。

哪只人工智能股票更好：超微电脑与英特尔