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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

蘋果在邊緣人工智能上突出，而Arista、Coherent、戴爾和Super Micro是摩根大通對硬體的首選。
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.

投資者正在將他們的焦點從營收總可尋市場（TAM）轉向各種人工智能（AI）硬體類別的利潤可尋市場（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摩根的分析師薩米克·查特吉發現，蘋果公司（納斯達克AAPL）硬體的人工智能升級潛力仍然被低估了。總部位於加利福尼亞州庫比蒂諾的公司在高端智能手機市場擁有強大的地位，並具有有利的利潤可尋市場，使其成爲邊緣人工智能公司中最佳選擇。

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.

人工智能網絡（交換和光學）和人工智能存儲方面的較小營收可尋市場面臨的競爭者較少，而人工智能服務器市場較大，利潤較低，市場份額分散有所不同。

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

此外，Super Micro今年跑贏Nvidia，是什麼推動了人工智能服務器製造商的上漲。

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

在高毛利率細分市場中擁有強大知識產權和戰略地位的首選：

  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. 阿里斯塔網絡公司（紐交所ANET）：人工智能交換利潤可尋市場在2028年預計達到120億美元，毛利率約爲60%，令阿里斯塔脫穎而出。公司在軟件堆棧中擁有強大的知識產權和高工作完成率，使其成爲該高毛利率市場的領導者。人工智能交換利潤可尋市場預計達到70億美元，白盒市場外還有很多增長機會。
  2. Coherent Corp（紐交所COHR）：佔據人工智能高速光學領域的主導地位，Coherent受益於預計在2029年達到130億美元的市場大小和40% - 45%的毛利潤。設計和製造專業知識的結合使得Coherent成爲領先企業，佔據了50億美元以上的利潤可尋市場的大部分份額。
  3. 戴爾科技公司（紐交所DELL）：除了其人工智能服務器產品之外，戴爾的產品組合還包括人工智能存儲和人工智能個人電腦，增強了其利潤可尋市場機會。儘管人工智能服務器市場競爭激烈且利潤較低，查特吉指出，戴爾在企業服務器能力和服務投資方面的投資使其與競爭對手區別開來。
  4. 超微計算機公司（納斯達克SMCI）：以改進性能的定製產品聞名，超微的利潤率（約爲13％+）比其他品牌公司高。其在競爭激烈的人工智能服務器市場中的強勢地位突顯了其盈利能力和增長潛力。

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'

現在閱讀：納斯達克期貨下跌，英偉達拋售持續，標普500期貨仍然穩定。分析師表示：“估值將呈指數級增長，這將是賣出的完美時機。”

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通過Dall-E 3的圖片

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