<p>随着基础设施的建设来支持人工智能（AI）应用所需的巨大且不断增长的计算能力，将会有许多赢家。<strong>英伟达</strong> 继续引领潮流，并且由于其领先的先进芯片、软件以及与开发者的合作，已经成为了巨大的受益者。</p>
<p>英伟达的收入从 2024 财年的创纪录的 610 亿美元飙升至 2025 财年结束时的 1300 亿美元以上。随着 2026 财年上半年销售预计达到约 900 亿美元，这一增长仍在继续。这一切都与公司的数据中心部门有关，因为公司以及主权国家迅速投资基础设施以扩展 AI 能力。</p>
<p>这些基础设施包括由 <strong>戴尔科技</strong>（DELL 1.44%）提供的服务器和冷却系统。公司的收入也在飙升，并且它在与英伟达一起乘风破浪的 AI“黄金浪潮” 中处于良好位置。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwMjYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtdXNpbmctaHVtYW4tYnJhaW4tc3ltYm9saXNtLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwMjYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtdXNpbmctaHVtYW4tYnJhaW4tc3ltYm9saXNtLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的 AI 工厂正在填补戴尔的订单积压</h2>
<p>戴尔并不是一家纯粹的 AI 股票，但它已经从 AI 革命中受益。尽管收入的增长没有英伟达那么显著，但戴尔的基础设施解决方案集团在 2025 财年的销售额达到了创纪录的 436 亿美元，同比增长 29%。不过，专注于其 AI 服务器业务时，增长更为显著。服务器出货量接近 100 亿美元，比 2024 财年的 15 亿美元增长了六倍多。</p>
<p>在公司 2026 财年第一季度，需求持续增长，截止到 5 月 2 日，AI 订单积压达到了 144 亿美元。首席运营官杰夫·克拉克称这种需求前所未有，并补充道：“我们在本季度生成了 121 亿美元的 AI 订单，超过了整个 [2025 财年] 的出货量。”</p>
<p>这一切都源于大型成长型公司以及主权政府正在建设的大型数据中心和 AI 训练工厂——所有这些都得到了英伟达及其强大产品的支持。<strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>Alphabet</strong> 和 <strong>微软</strong> 共同计划在今年投资高达 3200 亿美元以扩展 AI 能力。</p>
<p>另一组科技公司正在与 ChatGPT 的创始人 OpenAI 合作进行星际门项目，计划在未来几年内投资另外 5000 亿美元用于 AI 基础设施。</p>
<p>OpenAI 还启动了一项计划，旨在帮助美国以外的地区启动大型 AI 项目。戴尔的服务器很可能会成为大多数开发的一部分。这就是为什么该股票迅速从四月的低点反弹。</p>
<h2>拥有戴尔的更多理由</h2>
<p>这种增长正在吸引投资者购买戴尔股票。但还有其他理由让人们拥有它。公司的客户端解决方案个人电脑部门也在为商业和零售客户整合 AI。该部门提供了稳定的现金流基础，并且去年产生的收入超过了基础设施解决方案集团。</p>
<p>管理层正在将部分现金流返还给股东。它将当前财年的年度股息提高了 18%，董事会批准了 100 亿美元的股票回购授权增加。</p>
<p>公司表示，承诺将至少 80% 的调整后自由现金流返还给股东。它还计划在 2028 财年之前每年将股息提高至少 10%。这种以股东为友好的做法应该让投资者感到满意。</p>
<p>然而，激增的需求和对其 AI 服务器的大量且不断增长的订单积压，才是真正让现在成为购买戴尔股票的好时机。它还有更多的空间与英伟达一起乘风破浪，迎接 AI 的黄金浪潮。</p>

英伟达

戴尔科技-C

<p>戴尔科技有望从人工智能的繁荣中受益，与英伟达的成功共同发展。英伟达的收入从 2024 财年的 610 亿美元激增至 2025 财年的超过 1300 亿美元，主要得益于其数据中心业务。戴尔的基础设施解决方案集团也创下了 436 亿美元的销售记录，人工智能服务器的出货量显著增加。该公司计划将 80% 的调整后自由现金流返还给股东，并将股息提高了 18%。随着强劲的需求和不断增长的订单积压，戴尔股票在人工智能领域呈现出诱人的投资机会</p>

<p>There will be many winners as infrastructure is built to support the huge and increasing computing power needed for artificial intelligence (AI) applications. <strong>Nvidia</strong> continues to pave the way and has already been a huge beneficiary thanks to its leading advanced chips, software, and engagement with developers.</p>
<div class="lb-trans"><p>随着基础设施的建设来支持人工智能（AI）应用所需的巨大且不断增长的计算能力，将会有许多赢家。<strong>英伟达</strong> 继续引领潮流，并且由于其领先的先进芯片、软件以及与开发者的合作，已经成为了巨大的受益者。</p>
</div><p>Nvidia's revenue has soared from what was then a record $61 billion in fiscal 2024 to more than $130 billion in its fiscal year 2025, ended Jan. 26. That growth continues as sales in the first half of fiscal 2026 are expected to be approximately $90 billion. It's all about the company's data center segment, as companies -- as well as sovereign nations -- quickly invest in infrastructure to expand AI capabilities.</p>
<div class="lb-trans"><p>英伟达的收入从 2024 财年的创纪录的 610 亿美元飙升至 2025 财年结束时的 1300 亿美元以上。随着 2026 财年上半年销售预计达到约 900 亿美元，这一增长仍在继续。这一切都与公司的数据中心部门有关，因为公司以及主权国家迅速投资基础设施以扩展 AI 能力。</p>
</div><p>That infrastructure includes servers and cooling systems that are provided by <strong>Dell Technologies</strong>(DELL 1.44%). The company's revenue has also been soaring, and it is well positioned to ride AI's &#34;golden wave&#34; along with Nvidia.</p>
<div class="lb-trans"><p>这些基础设施包括由 <strong>戴尔科技</strong>（DELL 1.44%）提供的服务器和冷却系统。公司的收入也在飙升，并且它在与英伟达一起乘风破浪的 AI“黄金浪潮” 中处于良好位置。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMwMjYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtdXNpbmctaHVtYW4tYnJhaW4tc3ltYm9saXNtLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823026%2Fartificial-intelligence-using-human-brain-symbolism.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>Nvidia's AI factories are filling Dell's backlog</h2>
<div class="lb-trans"><h2>英伟达的 AI 工厂正在填补戴尔的订单积压</h2>
</div><p>Dell isn't a pure-play AI stock, but it has already seen benefits from the AI revolution. Revenue hasn't soared quite as much as it has for Nvidia, but Dell's Infrastructure Solutions Group saw sales hit a record $43.6 billion in fiscal 2025, up 29% year over year. Zoom in specifically to its AI server business, though, and the growth is more impressive. Server shipments generated nearly $10 billion, up over sixfold from $1.5 billion in fiscal year 2024.</p>
<div class="lb-trans"><p>戴尔并不是一家纯粹的 AI 股票，但它已经从 AI 革命中受益。尽管收入的增长没有英伟达那么显著，但戴尔的基础设施解决方案集团在 2025 财年的销售额达到了创纪录的 436 亿美元，同比增长 29%。不过，专注于其 AI 服务器业务时，增长更为显著。服务器出货量接近 100 亿美元，比 2024 财年的 15 亿美元增长了六倍多。</p>
</div><p>Demand continued to grow in the company's fiscal 2026 first quarter, and the period ended on May 2 with a $14.4 billion AI backlog. Chief operating officer Jeff Clarke called the demand unprecedented, adding, &#34;We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of [fiscal 2025].&#34;</p>
<div class="lb-trans"><p>在公司 2026 财年第一季度，需求持续增长，截止到 5 月 2 日，AI 订单积压达到了 144 亿美元。首席运营官杰夫·克拉克称这种需求前所未有，并补充道：“我们在本季度生成了 121 亿美元的 AI 订单，超过了整个 [2025 财年] 的出货量。”</p>
</div><p>That's all because of the huge data centers and AI training factories being built by large growth companies as well as sovereign governments -- all of it supported by Nvidia and its powerful products. <strong>Meta Platforms</strong>, <strong>Amazon</strong>, <strong>Alphabet</strong>, and <strong>Microsoft</strong> collectively have plans to spend as much as $320 billion this year investing to expand AI capabilities.</p>
<div class="lb-trans"><p>这一切都源于大型成长型公司以及主权政府正在建设的大型数据中心和 AI 训练工厂——所有这些都得到了英伟达及其强大产品的支持。<strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>Alphabet</strong> 和 <strong>微软</strong> 共同计划在今年投资高达 3200 亿美元以扩展 AI 能力。</p>
</div><p>Another group of tech companies is partnering with ChatGPT creator OpenAI for the Stargate Project, with another $500 billion in AI infrastructure investments planned over the next several years.</p>
<div class="lb-trans"><p>另一组科技公司正在与 ChatGPT 的创始人 OpenAI 合作进行星际门项目，计划在未来几年内投资另外 5000 亿美元用于 AI 基础设施。</p>
</div><p>OpenAI has also started a program intending to help regions outside the U.S. launch large AI projects. Dell servers will likely be part of most of this development. It's why the stock has quickly rebounded from its April lows.</p>
<div class="lb-trans"><p>OpenAI 还启动了一项计划，旨在帮助美国以外的地区启动大型 AI 项目。戴尔的服务器很可能会成为大多数开发的一部分。这就是为什么该股票迅速从四月的低点反弹。</p>
</div><h2>More reasons to own Dell</h2>
<div class="lb-trans"><h2>拥有戴尔的更多理由</h2>
</div><p>That growth is driving investors to Dell stock. But there are other reasons to own it, too. The company's Client Solutions personal computer segment is also integrating AI for commercial and retail clients. That segment provides a stable cash flow base and it generated more revenue than the Infrastructure Solutions group last year.</p>
<div class="lb-trans"><p>这种增长正在吸引投资者购买戴尔股票。但还有其他理由让人们拥有它。公司的客户端解决方案个人电脑部门也在为商业和零售客户整合 AI。该部门提供了稳定的现金流基础，并且去年产生的收入超过了基础设施解决方案集团。</p>
</div><p>Management is returning some of that cash flow to shareholders. It increased its annual dividend by 18% for the current fiscal year, and its board of directors approved a $10 billion increase in its share repurchase authorization.</p>
<div class="lb-trans"><p>管理层正在将部分现金流返还给股东。它将当前财年的年度股息提高了 18%，董事会批准了 100 亿美元的股票回购授权增加。</p>
</div><p>The company says it is committed to returning at least 80% of its adjusted free cash flow to shareholders. It also plans to raise its dividend at least 10% annually through fiscal year 2028. That shareholder-friendly approach should make investors feel good.</p>
<div class="lb-trans"><p>公司表示，承诺将至少 80% 的调整后自由现金流返还给股东。它还计划在 2028 财年之前每年将股息提高至少 10%。这种以股东为友好的做法应该让投资者感到满意。</p>
</div><p>Yet surging demand and a large and growing backlog for its AI servers are what really make it a good time to buy Dell stock. It has more runway ahead to ride the golden wave of AI along with Nvidia.</p>
<div class="lb-trans"><p>然而，激增的需求和对其 AI 服务器的大量且不断增长的订单积压，才是真正让现在成为购买戴尔股票的好时机。它还有更多的空间与英伟达一起乘风破浪，迎接 AI 的黄金浪潮。</p>
</div>

Prediction: This Artificial Intelligence (AI) Stock Could Ride Nvidia's "Golden Wave" Next

- Nvidia 和 Dell 在 AI 基础设施建设中受益显著。  
- Nvidia 财年 2025 收入超 1300 亿美元，Dell AI 服务器销售增长六倍。  
- 大型科技公司计划投资 8200 亿美元扩展 AI 能力，推动相关股票上涨。  

预测：这只人工智能（AI）股票可能会成为英伟达 “黄金浪潮” 的下一个受益者