<p><strong>戴爾</strong>(DELL -1.25%) 和 <strong>超微電腦</strong>(SMCI 0.10%) 是人工智能 (AI) 服務器領域的領先企業。對 AI 計算的需求正在激增，兩家公司在這一領域都取得了強勁的增長。但這兩隻 AI 服務器股票中，哪一隻更便宜呢？</p>
<h2>估值對決：戴爾 vs. 超微電腦</h2>
<p>將公司的預期年每股收益與其股價進行比較，是瞭解股票估值的一種方式，較小的收益比率可能表明公司相對於其估值產生了更強的利潤。以下圖表提供了兩家公司按前瞻市盈率的估值比較。</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>戴爾前瞻市盈率數據來源於 YCharts</p>
<p>戴爾的前瞻市盈率約為 9.6，而超微的前瞻市盈率約為 13.2，因此從市盈率的角度來看，戴爾的股票顯得明顯更便宜。當然，這並不能説明全部情況。戴爾在服務器領域之外還有其他業務單位，預計其銷售和收益的增長速度會較慢。</p>
<p>超微的收益預計將以顯著更快的速度增長，因此投資者願意給予其更高的收益倍數也是有道理的。但超微仍在從一些近期的會計爭議中恢復，因此該股票帶有一些額外的不確定性和風險。另一個複雜的因素是，兩家公司都被視為調查的一部分，以確定禁運至中國的先進 <strong>Nvidia</strong> 處理器的服務器是如何被銷售到該國的。</p>
<p>在這裏，戴爾是更安全的股票，其收益倍數足夠低，即使其整體收益增長不會那麼引人注目，也能提供顯著的上行空間。與此同時，超微的股票在預測增長方面看起來更便宜——但這種增長是一個風險更大的賭注。</p>

超微電腦

<p>戴爾和超微電腦在人工智能服務器市場中是關鍵參與者，戴爾的前瞻市盈率為 9.6，顯得比超微的 13.2 更便宜。然而，由於戴爾業務部門多樣化，其增長可能較慢，而超微預計將更快增長，但由於近期的會計問題和與英偉達處理器相關的調查，超微面臨風險。戴爾被認為是更安全的投資，而超微則提供了更具風險的增長潛力</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>戴爾</strong>(DELL -1.25%) 和 <strong>超微電腦</strong>(SMCI 0.10%) 是人工智能 (AI) 服務器領域的領先企業。對 AI 計算的需求正在激增，兩家公司在這一領域都取得了強勁的增長。但這兩隻 AI 服務器股票中，哪一隻更便宜呢？</p>
</div><h2>Valuation showdown: Dell vs. Super Micro Computer</h2>
<div class="lb-trans"><h2>估值對決：戴爾 vs. 超微電腦</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>將公司的預期年每股收益與其股價進行比較，是瞭解股票估值的一種方式，較小的收益比率可能表明公司相對於其估值產生了更強的利潤。以下圖表提供了兩家公司按前瞻市盈率的估值比較。</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>戴爾前瞻市盈率數據來源於 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>戴爾的前瞻市盈率約為 9.6，而超微的前瞻市盈率約為 13.2，因此從市盈率的角度來看，戴爾的股票顯得明顯更便宜。當然，這並不能説明全部情況。戴爾在服務器領域之外還有其他業務單位，預計其銷售和收益的增長速度會較慢。</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>超微的收益預計將以顯著更快的速度增長，因此投資者願意給予其更高的收益倍數也是有道理的。但超微仍在從一些近期的會計爭議中恢復，因此該股票帶有一些額外的不確定性和風險。另一個複雜的因素是，兩家公司都被視為調查的一部分，以確定禁運至中國的先進 <strong>Nvidia</strong> 處理器的服務器是如何被銷售到該國的。</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>在這裏，戴爾是更安全的股票，其收益倍數足夠低，即使其整體收益增長不會那麼引人注目，也能提供顯著的上行空間。與此同時，超微的股票在預測增長方面看起來更便宜——但這種增長是一個風險更大的賭注。</p>
</div>

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

- Dell 和 Super Micro Computer 是人工智能服務器領域的領先企業。  
- Dell 的前瞻市盈率約為 9.6，明顯低於 Supermicro 的 13.2。  
- Supermicro 的盈利增長預期更快，但面臨會計爭議帶來的風險。  

哪隻 AI 股票更便宜：戴爾還是 Super Micro Computer？