Analyst Reveals SpaceX and CoreWeave May Directly Partner with ODM Manufacturer, Leading to Downgrade of Dell's Investment Rating

BlockBeats News, June 25th – Jeff Pu, Head of Overseas Technology Research at GF Securities in Hong Kong, released a research summary downgrading Dell's stock rating from "Buy" to "Hold." The main reason is that Dell's stock price has surged by 200% since the last earnings report, with a total increase of 200% since the rating was raised in October. The current valuation has exceeded 20 times the expected earnings per share for the 2028 fiscal year, indicating significant limited upside potential.

Pu pointed out that in the AI server field, SMCI has shown greater competitiveness, and it is expected that SMCI will win more NVL72 cabinet orders in SpaceX's 2027 GW (Gigawatt-level) AI data center construction.

Furthermore, the analyst specifically warned of the increasing risk of ODM direct cooperation. Large AI infrastructure customers like SpaceX and CoreWeave are assessing the possibility of direct cooperation with ODM manufacturers such as Quanta, Hon Hai, and Pegatron, bypassing branded 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 shipments have weakened, with shipments expected to decline sequentially in the next quarter, resulting in a slowdown in overall growth momentum.