AI服务器业务火爆，但钱都被英伟达赚走了_老虎社区_美港股上老虎

AI服务器业务火爆，但钱都被英伟达赚走了

华尔街见闻09-04

在人工智能需求激增的背景下，全球主要AI服务器制造商正面临一个共同挑战：尽管收入显著增长，但利润率却在持续收窄。随着慧与科技（HPE）、戴尔、超微等公司纷纷发布财报，一个严峻的现实浮出水面：尽管AI服务器订单激增，但高昂的英伟达芯片成本和激烈的市场竞争，正让硬件厂商的利润率变得异常微薄。慧与科技周三发布的第三财季财报显示，该公司营收同比增长18%至91.4亿美元，每股收益0.44美元，均超过...

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Nvidia","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVIW.SI":0.6,"NVDU":0.6,"NVDS":0.6,"NVDD":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVDA":1,"SNVD.UK":0.6,"NVD2.UK":0.6,"2NVD.UK":0.6,"NVDX":0.6,"NVD":0.6,"NVDY":0.6,"NVD3.UK":0.6},"content_text":"在人工智能需求激增的背景下，全球主要AI服务器制造商正面临一个共同挑战：尽管收入显著增长，但利润率却在持续收窄。\n随着慧与科技（HPE）、戴尔、超微等公司纷纷发布财报，一个严峻的现实浮出水面：尽管AI服务器订单激增，但高昂的英伟达芯片成本和激烈的市场竞争，正让硬件厂商的利润率变得异常微薄。\n慧与科技周三发布的第三财季财报显示，该公司营收同比增长18%至91.4亿美元，每股收益0.44美元，均超过分析师预期。但其服务器部门营业利润率从去年同期的10.8%降至6.4%。\n面对投资者的担忧，HPE首席执行官Antonio Neri在分析师电话会议上紧急安抚市场，承诺利润率将在本财季末恢复至约10%的水平。这一表态暂时稳住了股价，HPE股价在盘后交易中上涨1.5%。\n\n这一趋势在整个行业蔓延，背后的根本原因在于，AI服务器的核心——高性能GPU芯片——几乎由英伟达垄断。这些价格不菲的芯片占据了服务器成本的大部分，将绝大多数价值留在了供应链的上游。\n“增收不增利”的困境\n对于服务器原始设备制造商（OEM）而言，当前的AI市场呈现出一种“增收不增利”的尴尬局面。\n除了利润率几近“腰斩”的HPE，另一家服务器巨头超微电脑也面临同样挑战。尽管其2025年第四季度营收同比飙升46.59%，但毛利率已下滑至9.7%。\n戴尔的情况类似，其2026年第二季度的毛利率从去年同期的22%下降至18.7%，公司将此归因于AI服务器带来的定价压力。\n这种\"高收入、低利润\"的现象正成为AI硬件制造商的共同困境，而与服务器制造商的微薄利润形成鲜明对比的，是芯片巨头英伟达惊人的盈利能力。\n英伟达凭借其在数据中心GPU市场高达98%的份额，掌握了绝对的定价权。其2026年第二季度财报显示的non-GAAP毛利率高达72.7%，是服务器厂商的数倍之多。更有数据显示，其最新的Blackwell GPU平台在AI推理工作负载中的利润率可达77.6%。\n这种利润分配的悬殊格局清晰地展示了AI价值链的现状：\n\n英伟达： 毛利率超过70%。\n戴尔： 毛利率约为18.7%。\nHPE： 服务器部门营业利润率在6.4%至10%之间波动。\n超微电脑： 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