<p>在科技行业，有时最强烈的看涨信号并不是来自产品发布，而是来自资产负债表上的一个安静战略举措。</p>
<p>戴尔科技（Dell Technologies）纽约证券交易所代码：DELL 最近提供了一个完美的例子，宣布了一项价值 45 亿美元的高级票据发行。这是一个在强势地位下进行的精心策划的举动，战略性地优化其财务，以推动其在人工智能（AI）革命中主导和快速扩张的角色。</p>
<p>在公告发布后，标普全球确认了该公司的强劲 BBB 投资级评级。</p>
<p>获取 <strong>戴尔科技</strong> 的提醒：</p>
<h2>财务强化的典范</h2>
<p>虽然数十亿美元的债务发行听起来可能是一个处于困境公司的红旗，但戴尔的策略恰恰相反。</p>
<p>对公司监管文件的审查显示，这笔新资本的主要目的是主动再融资现有的高利率债务，这些债务将在 2026 年到期。这是谨慎财务管理的经典例子，类似于房主再融资抵押贷款以锁定更好的利率。</p>
<p>通过采取这一措施，戴尔有望降低未来的年度利息支出，从而释放现金流。这对股东来说是一个切实的好处，因为释放出的资本可以用于高回报的活动，如研发、战略投资或通过分红和股票回购增强资本回报计划。</p>
<p>这一战略举措得以实现，得益于 <strong>市场对戴尔财务健康的信心</strong>。戴尔的 BBB 信用评级使其能够以有利的条件借款，并向投资者发出公司违约风险低的信号。并不是每家科技公司都能这样说。</p>
<p>这直接反映了戴尔持续且令人印象深刻的运营表现，其基础是坚实的基本面：</p>
<ul>
<li><strong>创纪录的收入：</strong> 公司最近报告了其历史上最高的季度收入，在 2026 财年第二季度达到了 298 亿美元。</li>
<li><strong>强劲的现金生成：</strong> 戴尔的运营在同一时期产生了 25 亿美元的强劲现金流。</li>
<li><strong>对股东的承诺：</strong> 公司继续优先考虑股东回报，仅在上个季度就分配了 13 亿美元。</li>
</ul>
<h2>抓住人工智能的黄金机遇</h2>
<p>通过这次债务再融资所获得的财务灵活性是戴尔主要增长引擎的关键动力：人工智能基础设施。</p>
<p>对 AI 技术的需求是推动戴尔业务的最强劲助力，公司正将自己定位为大型企业的首选供应商。这个资本密集型市场需要一个坚如磐石的资产负债表来管理复杂的供应链和融资巨额订单。</p>
<p>戴尔的战略优势在于与企业客户的长期关系。虽然一些竞争对手专注于云服务提供商，但戴尔提供的集成、交钥匙的 AI 工厂解决方案包括服务器、存储、网络和支持。</p>
<p>这种端到端的能力正是大型企业在大规模部署 AI 时所需的。数字上的势头非常明显：</p>
<ul>
<li><strong>巨大的预测增长：</strong> 鉴于需求旺盛，戴尔最近将其全年 AI 服务器出货指导上调了 50 亿美元，现在目标为惊人的 200 亿美元。</li>
<li><strong>可观的订单积压：</strong> 公司在第二季度结束时有着显著的 117 亿美元的 AI 相关订单积压，为即将到来的季度提供了良好的收入可见性。</li>
<li><strong>爆炸性增长：</strong> 在本财年的前六个月，戴尔已经发货了价值 100 亿美元的 AI 解决方案，超过了前一年的总发货量。</li>
</ul>
<p>戴尔的市盈率（P/E）约为 19.5，考虑到其在高增长行业中的关键角色，公司的估值显得合理。公司的强健资产负债表确保其有财务实力在不增加运营压力的情况下资助这一扩张。</p>
<h2>催化剂和背景：接下来要关注什么</h2>
<p>虽然人工智能的故事占据了头条，但其客户解决方案组也支持公司的稳定。由于 Windows 10 的生命周期结束，持续的商业 PC 更新周期继续提供稳定且盈利的收入流，补充了高增长的基础设施业务。</p>
<p>投资者还应以适当的背景看待最近高成交量的内部股票销售。这一活动几乎完全与长期投资者 Silver Lake Partners 有关，该公司正在变现十多年前进行的成功投资。</p>
<p>这一常见且预期的做法并未削弱公司强劲的基本面前景。</p>
<p><strong>即将于 10 月 7 日举行的证券分析师会议</strong> 是近期最重要的催化剂，也是了解公司长期愿景的关键窗口。投资者将密切关注新的财务框架，详细说明 AI 业务的预期增长和盈利能力、存储部门的明确战略，以及资本回报计划的任何更新。</p>
<p>这次债务再融资为该会议奠定了基础，表明戴尔不仅是在应对 AI 热潮，而是在从无可否认的强势地位上战略性地准备融资和引领这一潮流。</p>
<h2>你现在应该投资 1000 美元在戴尔科技吗？</h2>
<p>在考虑戴尔科技之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐现在购买，以便在更广泛的市场注意到之前……而戴尔科技并不在名单上。</p>
<p>虽然戴尔科技目前在分析师中获得了适度买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票的详细信息</p>

戴尔科技-C

<p>戴尔科技宣布了一项 45 亿美元的高级票据发行，旨在再融资现有债务并资助其人工智能基础设施的增长。这一战略举措预计将降低未来的利息支出，从而增强研发和股东回报的现金流。戴尔强劲的 BBB 信用评级反映了其财务健康状况，使其能够获得有利的借款条件。该公司已将其人工智能服务器出货指导提高至 200 亿美元，得益于显著的订单积压。投资者期待在 10 月 7 日即将举行的分析师日上获得更多见解</p>

<p>In the technology sector, sometimes the most bullish signals come not from a product launch, but from a quiet strategic move on the balance sheet.</p>
<div class="lb-trans"><p>在科技行业，有时最强烈的看涨信号并不是来自产品发布，而是来自资产负债表上的一个安静战略举措。</p>
</div><p>Dell Technologies NYSE: DELL recently provided a perfect example, announcing a $4.5 billion senior notes offering. This is a calculated maneuver by a company operating from a position of strength, strategically optimizing its finances to fuel its dominant and rapidly expanding role in the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>戴尔科技（Dell Technologies）纽约证券交易所代码：DELL 最近提供了一个完美的例子，宣布了一项价值 45 亿美元的高级票据发行。这是一个在强势地位下进行的精心策划的举动，战略性地优化其财务，以推动其在人工智能（AI）革命中主导和快速扩张的角色。</p>
</div><p>Immediately following the announcement, S&amp;P Global affirmed the company’s strong BBB investment-grade rating.</p>
<div class="lb-trans"><p>在公告发布后，标普全球确认了该公司的强劲 BBB 投资级评级。</p>
</div><p>Get <strong>Dell Technologies</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>戴尔科技</strong> 的提醒：</p>
</div><h2>A Masterclass in Financial Fortification</h2>
<div class="lb-trans"><h2>财务强化的典范</h2>
</div><p>While a multi-billion-dollar debt offering might sound like a red flag for a company in distress, Dell's strategy is the opposite.</p>
<div class="lb-trans"><p>虽然数十亿美元的债务发行听起来可能是一个处于困境公司的红旗，但戴尔的策略恰恰相反。</p>
</div><p>A review of the company’s regulatory filings reveals that the primary purpose of this new capital is to proactively refinance existing, higher-interest debt that is set to mature in 2026. This is a classic example of prudent financial management, similar to a homeowner refinancing a mortgage to lock in a better rate.</p>
<div class="lb-trans"><p>对公司监管文件的审查显示，这笔新资本的主要目的是主动再融资现有的高利率债务，这些债务将在 2026 年到期。这是谨慎财务管理的经典例子，类似于房主再融资抵押贷款以锁定更好的利率。</p>
</div><p>By taking this step, Dell is poised to lower its future annual interest expenses, which in turn frees up cash flow. This is a tangible benefit for shareholders, as the freed-up capital can be deployed toward high-return activities, such as research and development (R&amp;D), strategic investments, or enhanced capital return programs through dividends and share buybacks.</p>
<div class="lb-trans"><p>通过采取这一措施，戴尔有望降低未来的年度利息支出，从而释放现金流。这对股东来说是一个切实的好处，因为释放出的资本可以用于高回报的活动，如研发、战略投资或通过分红和股票回购增强资本回报计划。</p>
</div><p>This strategic move is made possible by the <strong>market's confidence in Dell's financial health</strong>. Dell’s BBB credit rating allows Dell to borrow on favorable terms and signals to investors that the company has a low risk of default. Not every tech firm can say this.</p>
<div class="lb-trans"><p>这一战略举措得以实现，得益于 <strong>市场对戴尔财务健康的信心</strong>。戴尔的 BBB 信用评级使其能够以有利的条件借款，并向投资者发出公司违约风险低的信号。并不是每家科技公司都能这样说。</p>
</div><p>It is a direct reflection of Dell’s consistent and impressive operational performance, which is built on a foundation of solid fundamentals:</p>
<div class="lb-trans"><p>这直接反映了戴尔持续且令人印象深刻的运营表现，其基础是坚实的基本面：</p>
</div><ul>
<li><strong>Record-Breaking Revenue:</strong> The company recently reported its highest-ever quarterly revenue, reaching $29.8 billion in the second quarter of fiscal 2026.</li>
<li><strong>Powerful Cash Generation:</strong> Dell’s operations produced a robust $2.5 billion in cash flow during the same period.</li>
<li><strong>Commitment to Shareholders:</strong> The company continues to prioritize shareholder returns, distributing $1.3 billion in the last quarter alone.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>创纪录的收入：</strong> 公司最近报告了其历史上最高的季度收入，在 2026 财年第二季度达到了 298 亿美元。</li>
<li><strong>强劲的现金生成：</strong> 戴尔的运营在同一时期产生了 25 亿美元的强劲现金流。</li>
<li><strong>对股东的承诺：</strong> 公司继续优先考虑股东回报，仅在上个季度就分配了 13 亿美元。</li>
</ul>
</div><h2>Capitalizing on the AI Gold Rush</h2>
<div class="lb-trans"><h2>抓住人工智能的黄金机遇</h2>
</div><p>The financial flexibility achieved through this debt refinancing is the critical fuel for Dell’s primary growth engine: artificial intelligence infrastructure.</p>
<div class="lb-trans"><p>通过这次债务再融资所获得的财务灵活性是戴尔主要增长引擎的关键动力：人工智能基础设施。</p>
</div><p>The demand for AI technology is the most powerful tailwind driving Dell's business, and the company is positioning itself as the vendor of choice for large enterprises. This capital-intensive market requires a rock-solid balance sheet to manage a complex supply chain and finance massive orders.</p>
<div class="lb-trans"><p>对 AI 技术的需求是推动戴尔业务的最强劲助力，公司正将自己定位为大型企业的首选供应商。这个资本密集型市场需要一个坚如磐石的资产负债表来管理复杂的供应链和融资巨额订单。</p>
</div><p>Dell’s strategic advantage lies in its long-standing relationships with enterprise customers. While some competitors focus on cloud service providers, Dell delivers integrated, turnkey AI Factory solutions that include servers, storage, networking, and support.</p>
<div class="lb-trans"><p>戴尔的战略优势在于与企业客户的长期关系。虽然一些竞争对手专注于云服务提供商，但戴尔提供的集成、交钥匙的 AI 工厂解决方案包括服务器、存储、网络和支持。</p>
</div><p>This end-to-end capability is precisely what large corporations need to deploy AI at scale. The momentum is clear in the numbers:</p>
<div class="lb-trans"><p>这种端到端的能力正是大型企业在大规模部署 AI 时所需的。数字上的势头非常明显：</p>
</div><ul>
<li><strong>Massive Forecast Increase:</strong> Citing overwhelming demand, Dell recently raised its full-year AI server shipment guidance by $5 billion, now targeting an astounding $20 billion for the fiscal year.</li>
<li><strong>Substantial Order Backlog:</strong> The company concluded its second quarter with a significant $11.7 billion backlog of AI-related orders, offering excellent revenue visibility for the upcoming quarters.</li>
<li><strong>Explosive Growth:</strong> In the first half of this fiscal year, Dell has already shipped $10 billion in AI solutions, surpassing its total shipments for the entire prior year.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>巨大的预测增长：</strong> 鉴于需求旺盛，戴尔最近将其全年 AI 服务器出货指导上调了 50 亿美元，现在目标为惊人的 200 亿美元。</li>
<li><strong>可观的订单积压：</strong> 公司在第二季度结束时有着显著的 117 亿美元的 AI 相关订单积压，为即将到来的季度提供了良好的收入可见性。</li>
<li><strong>爆炸性增长：</strong> 在本财年的前六个月，戴尔已经发货了价值 100 亿美元的 AI 解决方案，超过了前一年的总发货量。</li>
</ul>
</div><p>With a trailing price-to-earnings ratio (P/E) of approximately 19.5, Dell's valuation appears reasonable, particularly given its pivotal role in the high-growth sector. The company's fortified balance sheet ensures it has the financial muscle to fund this expansion without operational strain.</p>
<div class="lb-trans"><p>戴尔的市盈率（P/E）约为 19.5，考虑到其在高增长行业中的关键角色，公司的估值显得合理。公司的强健资产负债表确保其有财务实力在不增加运营压力的情况下资助这一扩张。</p>
</div><h2>Catalysts and Context: What to Watch Next</h2>
<div class="lb-trans"><h2>催化剂和背景：接下来要关注什么</h2>
</div><p>While the AI story commands the headlines, its Client Solutions Group also supports the company’s stability. The ongoing commercial PC refresh cycle, driven by the end-of-life for Windows 10, continues to provide a steady and profitable revenue stream that complements the high-growth infrastructure business.</p>
<div class="lb-trans"><p>虽然人工智能的故事占据了头条，但其客户解决方案组也支持公司的稳定。由于 Windows 10 的生命周期结束，持续的商业 PC 更新周期继续提供稳定且盈利的收入流，补充了高增长的基础设施业务。</p>
</div><p>Investors should also view the recent high-volume insider stock sales with the proper context. This activity is almost exclusively tied to long-term investor Silver Lake Partners, which is monetizing a highly successful investment made over a decade ago.</p>
<div class="lb-trans"><p>投资者还应以适当的背景看待最近高成交量的内部股票销售。这一活动几乎完全与长期投资者 Silver Lake Partners 有关，该公司正在变现十多年前进行的成功投资。</p>
</div><p>This common and expected practice does not detract from the company's strong fundamental outlook.</p>
<div class="lb-trans"><p>这一常见且预期的做法并未削弱公司强劲的基本面前景。</p>
</div><p>The <strong>upcoming Securities Analyst Meeting on October 7</strong> is the most important near-term catalyst and a crucial window into the company's long-term vision. Investors will be keenly watching for a new financial framework that details the expected growth and profitability of the AI business, a clear strategy for the storage segment, and any updates to the capital return program.</p>
<div class="lb-trans"><p><strong>即将于 10 月 7 日举行的证券分析师会议</strong> 是近期最重要的催化剂，也是了解公司长期愿景的关键窗口。投资者将密切关注新的财务框架，详细说明 AI 业务的预期增长和盈利能力、存储部门的明确战略，以及资本回报计划的任何更新。</p>
</div><p>This debt refinancing has set the stage for that meeting, signaling that Dell is not just reacting to the AI boom but strategically preparing to finance and lead it from a position of undeniable strength.</p>
<div class="lb-trans"><p>这次债务再融资为该会议奠定了基础，表明戴尔不仅是在应对 AI 热潮，而是在从无可否认的强势地位上战略性地准备融资和引领这一潮流。</p>
</div><h2>Should You Invest $1,000 in Dell Technologies Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在戴尔科技吗？</h2>
</div><p>Before you consider Dell Technologies, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑戴尔科技之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Dell Technologies wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐现在购买，以便在更广泛的市场注意到之前……而戴尔科技并不在名单上。</p>
</div><p>While Dell Technologies currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然戴尔科技目前在分析师中获得了适度买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票的详细信息</p>
</div>

为何 45 亿美元的智能债务策略正在助力戴尔的 AI 雄心