周三，戴尔股价暴跌11%，受企业人工智能相关支出难以支撑大规模AI基础设施建设的担忧影响，其他数据中心设备制造商的股价也纷纷走低。惠普企业、甲骨文以及超微计算机等公司股价同样出现下跌。
Dell shares plummeted 11% on Wednesday and dragged down other data center equipment names on mounting concerns that enterprise spending on artificial intelligence won't justify the AI buildout. Hewlett-Packard Enterprise Oracle Super Micro all joined in the downward slide.
在周三发布给客户的报告中，巴克莱银行的分析师指出，鉴于相关股票近期涨幅显著以及企业AI投资时机的考量，他们下调了戴尔、惠普企业及网域科技的评级。今年，由于市场普遍预期这些数据中心服务器及配套设备制造商未来数年将受益于对AI芯片及系统的旺盛需求，它们一直备受华尔街青睐。今年至今，戴尔股价涨幅超过300%，惠普企业上涨约160%，网域科技股价则翻了一番。
In a report to clients on Wednesday, analysts at Barclays downgraded its rating on Dell, HPE and NetApp "after a significant run and on enterprise AI timing." Makers of data center servers and other backend equipment have been favored on Wall Street this year on optimism that they'll be selling huge volumes of gear tied to demand for AI chips and systems for years into the future. Dell has been one of the top performers on the market, up more than 300% this year, while HPE has jumped about 160% and NetApp has doubled.
然而近期，市场对AI基础设施领域的信心有所动摇。一方面，OpenAI公布的营收数据不尽如人意；另一方面，市场也担忧利率上升将给高度依赖债务融资的AI基础设施建设带来压力。作为高负债企业，甲骨文周三股价下跌9%，今年以来累计跌幅达33%；新云公司CoreWeave股价更是暴跌15%，此前积累的年度涨幅就此化为乌有。
However, sentiment toward the AI infrastructure space has shifted of late due in part to concerning revenue figures out of OpenAI and more broadly out of fear that rising interest rates will create a challenging environment as so much of the buildout is reliant on debt. Oracle, a heavy borrower, dropped 9% on Wednesday and is now down 33% for the year while neocloud CoreWeave plunged 15%, wiping out its gains for 2026.
巴克莱分析师表示，目前尚未观察到戴尔、惠普企业及网域科技在企业AI支出方面出现“实质性的增长拐点”，因此将这三家公司的评级从“买入”下调至“持有”。他们认为，这些公司营收的增长主要源于全球内存芯片供应短缺，而基础设施制造商则将上涨的成本转嫁给了客户。
The Barclays analysts said they haven't seen a "meaningful AI inflection" when it comes to enterprise spending for Dell, HPE and NetApp, lowering the rating on each to the equivalent of a hold from buy. They instead attribute increased revenue to the global memory shortage and noted that infrastructure companies have passed the higher price of memory along to customers.
巴克莱分析师写道：“企业采用人工智能推动硬件更新的情绪正在增长。”他们补充说，企业通常仅将其IT预算的5%用于人工智能。“我们认为，强劲的企业收入更多是内存成本的函数，而非此时转向企业人工智能的结果。”巴克莱分析师还发现，只有约四分之一的企业人工智能总支出用于硬件。他们表示，内存价格的正常化以及最终下降可能会对基础设施相关收入造成压力。
"There is growing sentiment about enterprise AI adoption creating a hardware refresh," the Barclays analysts wrote, adding that businesses are typically allocating just 5% of their IT budgets to AI. "We believe the strong enterprise revenues are more of a function of memory costs than a move to enterprise AI at this time." The Barclays analysts also found that only about a quarter of total enterprise AI spend is going towards hardware. They said normalizing and eventually declining memory prices could weigh on infrastructure-related revenue.
内存业务众所周知具有周期性，本周股价受挫，原因是中国长鑫存储技术（CXMT）在周末报告称其在新型芯片结构方面取得进展。
Memory is a notoriously cyclical business, and stocks were hit this week after China's ChangXin Memory Technologies, or CXMT, reported progress over the weekend on a new chip structure.
美光本周下跌11%，而韩国SK海力士在美国交易中暴跌13%，西部数据下跌超过8%。
Micron is down 11% for the week, while South Korea's SK Hynix has tumbled 13% in U.S. trading and Western Digital has dropped more than 8%.
吉姆·克雷默表示，惠普不是戴尔，但其较低的估值使其具有更大的上涨空间。
HPE isn’t Dell, but its lower valuation gives it more upside, says Jim Cramer