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
Investors are shifting their focus from Revenue Total Addressable Markets (TAMs) to Profit TAMs in various artificial intelligence (AI) hardware categories.
投資者正在將注意力從收入總可尋址市場（TAMs）轉向各種人工智能（AI）硬件類別的利潤TAMs。
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.
摩根大通分析師Samik Chatterjee發現，蘋果公司（納斯達克 AAPL）在人工智能驅動的硬件升級方面的潛力仍然未得到充分重視。總部位於加利福尼亞庫比蒂諾的公司在高端智能手機市場上擁有強勁的地位，加上有利的利潤TAM，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）和人工智能存儲中的較小營業收入TAM面臨的競爭者比營收更大的人工智能服務器市場少，該市場的利潤較低且市場份額分散。
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Top picks due to robust IP and strategic positioning in high-margin segments:
基於在高毛利細分市場的強大IP和戰略定位的首選股:
- 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.
- 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.
- 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.
- 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.
- Arista Networks Inc（紐交所：ANET）:預計到2028年，AI交換TAM的預測值達到120億美元，毛利率約爲60%。該公司的軟件堆棧中擁有強大的IP和高作業完成率，使其在這個高毛利市場中成爲領導者。人工智能交換利潤TAM的估計值爲70億美元，市場白盒以外有充足的增長機會。
- Coherent Corp（紐交所：COHR）:主導着人工智能高速光學領域，Coherent受益於截至2029年的130億美元的TAM和40% - 45%的毛利率。設計和製造專業知識的結合使Coherent成爲領導者，佔據了50億美元以上的利潤TAM的大部分市場份額。
- 戴爾技術公司（紐交所：DELL）:除了AI服務器產品之外，戴爾的產品組合還涵蓋了人工智能存儲和人工智能個人電腦，增強了其利潤TAM機會。儘管在人工智能服務器市場上存在激烈的競爭和較低的利潤率，但Chatterjee指出，戴爾在企業服務器能力和服務方面的投資使其與競爭對手有所不同。
- Super Micro Computer Inc（納斯達克：SMCI）:以改善性能的定製而聞名，Super Micro的利潤率（約爲13%以上）比其他品牌公司更高。在競爭激烈的人工智能服務器市場中具有強大的地位，凸顯出其盈利能力和增長潛力。
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Image via Dall-E 3
圖像通過Dall-E 3
譯文內容由第三人軟體翻譯。