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Analyst reveals SpaceX and CoreWeave may directly partner with ODM manufacturers, downgrading Dell's investment rating.

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Mars Finance News, June 25 - Jeff Pu, Head of Overseas Technology Research at Hong Kong 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 the last earnings report, and 200% since his rating upgrade in October. The current valuation has exceeded 20 times the expected earnings per share for fiscal year 2028, with upside potential clearly limited. Pu pointed out that in the AI server field, SMCI has shown stronger competitiveness, and he expects SMCI to win more NVL72 cabinet orders in SpaceX's 2027 GW-level (gigawatt-level) AI data center construction. In addition, the analyst specifically warned that the risk of direct cooperation with ODMs is rising. Large AI infrastructure customers such as SpaceX and CoreWeave are evaluating the possibility of directly cooperating with ODM manufacturers like Quanta, Hon Hai, and Pegatron, which may bypass brand server integrators like Dell, further compressing the market share and profit margins of traditional manufacturers. At the same time, Dell's traditional PC business is also under pressure. ODM shipments have shown weakness, and shipments are expected to decline quarter-over-quarter in the next quarter, with overall growth momentum slowing.
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