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Analyst reveals that SpaceX and CoreWeave may cooperate directly with ODM manufacturers, downgrading Dell's investment rating.
BlockBeats news, June 25, Jeff Pu, head of overseas technology research at Hong Kong-based GF Securities, released a research summary, downgrading Dell's stock rating from "Buy" to "Hold." The main reason is that Dell's stock price has surged 200% since its last earnings release and has risen 200% since his upgrade in October. The current valuation has exceeded 20 times the expected earnings per share for fiscal year 2028, with limited upside potential.
Pu pointed out that in the AI server field, SMCI has demonstrated stronger competitiveness, and expects SMCI to win more NVL72 cabinet orders in SpaceX's 2027 GW-level (gigawatt-level) AI data center construction.
In addition, analysts specifically warned that the risk of direct ODM cooperation is rising. Large AI infrastructure clients such as SpaceX and CoreWeave are evaluating the possibility of directly collaborating with ODM manufacturers like Quanta, Hon Hai, and Pegatron, which could bypass brand server integrators like Dell, further squeezing the market share and profit margins of traditional manufacturers.
At the same time, Dell's traditional PC business is also under pressure. ODM contract manufacturing shipments have shown weakness, with shipments expected to decline quarter-over-quarter in the next quarter, and overall growth momentum has slowed.