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Apple Stands Out In Edge AI While Arista, Coherent, Dell And Super Micro Are Top Picks For Hardware: JPMorgan

Apple Stands Out In Edge AI While Arista, Coherent, Dell And Super Micro Are Top Picks For Hardware: JPMorgan

苹果在边缘人工智能上突出，而Arista、Coherent、戴尔和Super Micro是摩根大通对硬体的首选。
Benzinga ·  06/24 08:42

Investors are shifting their focus from Revenue Total Addressable Markets (TAMs) to Profit TAMs in various artificial intelligence (AI) hardware categories.

投资者正在将他们的焦点从营收总可寻市场（TAM）转向各种人工智能（AI）硬体类别的利润可寻市场（TAM）。

JPMorgan analyst Samik Chatterjee finds that the potential for AI-led upgrades in Apple Inc's (NASDAQ AAPL) hardware remains underappreciated. The Cupertino, California-based company has strong position in the higher-end smartphone market, coupled with a favorable Profit TAM, making it the best pick among Edge AI companies.

JP摩根的分析师萨米克·查特吉发现，苹果公司（纳斯达克AAPL）硬体的人工智能升级潜力仍然被低估了。总部位于加利福尼亚州库比蒂诺的公司在高端智能手机市场拥有强大的地位，并具有有利的利润可寻市场，使其成为边缘人工智能公司中最佳选择。

Smaller revenue TAMs in AI networking (switching and optics) and AI storage face fewer competitors than the larger AI server market, which is marked by lower margins and fragmented market share.

人工智能网络（交换和光学）和人工智能存储方面的较小营收可寻市场面临的竞争者较少，而人工智能服务器市场较大，利润较低，市场份额分散有所不同。

Also Read: Super Micro Has Outrun Nvidia This Year: What's Powering AI Server Maker's Rally

此外，Super Micro今年跑赢Nvidia，是什么推动了人工智能服务器制造商的上涨。

Top picks due to robust IP and strategic positioning in high-margin segments:

在高毛利率细分市场中拥有强大知识产权和战略地位的首选：

  1. Arista Networks Inc (NYSE:ANET): With AI Switching TAM projected at $12 billion by 2028 and gross margins around 60%, Arista stands out. The company's robust IP in software stacks and high job completion rates make it a leader in this high-margin market. The AI Switching Profit TAM is estimated at $7 billion, with ample growth opportunities outside the White Box market.
  2. Coherent Corp (NYSE:COHR): Dominating the AI High-Speed Optics space, Coherent benefits from a projected $13 billion TAM by 2029 and gross margins of 40%-45%. The combination of design and manufacturing expertise positions Coherent as a leader, capturing a significant portion of the $5 billion+ Profit TAM.
  3. Dell Technologies Inc (NYSE:DELL): Beyond its AI Server offerings, Dell's portfolio extends into AI Storage and AI PCs, enhancing its Profit TAM opportunities. Despite intense competition and lower margins in the AI Server market, Chatterjee points out that Dell's investment in Enterprise Server capabilities and services differentiates it from competitors.
  4. Super Micro Computer Inc (NASDAQ:SMCI): Known for customization that improves performance, Super Micro achieves better margins (around 13%+) compared to other branded companies. Its strong position in the competitive AI Server market underscores its profitability and growth potential.
  1. 阿里斯塔网络公司（纽交所ANET）：人工智能交换利润可寻市场在2028年预计达到120亿美元，毛利率约为60%，令阿里斯塔脱颖而出。公司在软件堆栈中拥有强大的知识产权和高工作完成率，使其成为该高毛利率市场的领导者。人工智能交换利润可寻市场预计达到70亿美元，白盒市场外还有很多增长机会。
  2. Coherent Corp（纽交所COHR）：占据人工智能高速光学领域的主导地位，Coherent受益于预计在2029年达到130亿美元的市场大小和40% - 45%的毛利润。设计和制造专业知识的结合使得Coherent成为领先企业，占据了50亿美元以上的利润可寻市场的大部分份额。
  3. 戴尔科技公司（纽交所DELL）：除了其人工智能服务器产品之外，戴尔的产品组合还包括人工智能存储和人工智能个人电脑，增强了其利润可寻市场机会。尽管人工智能服务器市场竞争激烈且利润较低，查特吉指出，戴尔在企业服务器能力和服务投资方面的投资使其与竞争对手区别开来。
  4. 超微计算机公司（纳斯达克SMCI）：以改进性能的定制产品闻名，超微的利润率（约为13％+）比其他品牌公司高。其在竞争激烈的人工智能服务器市场中的强势地位突显了其盈利能力和增长潜力。

Now Read: Nasdaq Futures Slip As Nvidia Sell-Off Continues, S&P 500 Futures Hold Up: Analyst Says 'Valuations Will Go Parabolic And It Will Be A Perfect Time To Sell'

现在阅读：纳斯达克期货下跌，英伟达抛售持续，标普500期货仍然稳定。分析师表示：“估值将呈指数级增长，这将是卖出的完美时机。”

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