[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob7693b80":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob7693b80","巴克莱(BCS)看空戴尔(DELL)：AI-支出无拐点，内存成本成主因","\u002Fdoc\u002Fdciob7693b80","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>据 Woofun AI 消息，巴克莱(BCS)将戴尔科技(DELL)评级从'超配'下调至'中性'，引发其股价单日下跌 11.27%。这一举动直接挑战了迈克尔·戴尔此前向 CNBC 传达的乐观信号，双方关于 AI 基础设施需求的观点对立由此公开化。巴克莱(BCS)认为，当前市场并未看到企业 AI 支出的实质性拐点，而是被短期供应链因素扭曲了增长表象。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>深入剖析巴克莱(BCS)的看空逻辑，核心在于对营收驱动因素的重新归因。10 月 14 日，分析师蒂姆·朗同步下调了惠普企业集团(HPE)和NetApp(NTAP)的评级，指出这三家公司的增长并非源于 AI 应用的爆发，而是受制于全球内存短缺。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Woofun AI 整理数据显示，企业通常仅将 IT 预算的 5% 投入人工智能，且硬件仅占 AI 总支出的四分之一。朗在报告中强调，强劲的营收更多是内存成本高企的结果，一旦内存价格恢复正常并下行，相关基础设施营收将面临压力。基于此，巴克莱(BCS)将戴尔科技(DELL)目标价从 603 美元下调至 574 美元，较 10 月 14 日收盘价 507.93 美元仍高出约 13%；\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>同时，惠普企业集团(HPE)目标价从 83 美元降至 77 美元，相较于 63.11 美元的收盘价，仍有约 22% 的上涨空间。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>面对机构的谨慎态度，戴尔(DELL)高管层则坚持需求侧的强劲叙事。尽管股价在 2026 年以来已飙升 303.5%，且当前价位较 9 月 17 日创下的 588.40 美元历史最高收盘价低了近 14%，迈克尔·戴尔依然否认泡沫存在。他在 10 月 13 日接受 CNBC 采访时指出，人工智能计算领域的需求依然大于供给，供应量不足才是常态。他观察到，此前仅限前沿实验室和特定企业的大规模 AI 使用，如今正蔓延至更广泛的企业界，但这仅仅是开始，未来将有大量基础设施投入使用。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这种供需失衡的现状，构成了他否定泡沫担忧的核心依据。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>市场焦点现已转向即将到来的第三季度业绩验证。巴克莱(BCS)的预测与首席执行官的判断谁更准确，将取决于实际财务数据的披露。戴尔科技(DELL)预计该季度营收将达到 490 亿美元，同比增长 81%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这一惊人的增长幅度若能兑现，将有力支撑管理层关于需求持续扩张的观点；反之，若增长乏力，则可能印证巴克莱(BCS)关于内存成本驱动而非 AI 应用爆发的担忧。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]