超级微型计算机（NASDAQ：SMCI）和BigBear.ai（NYSE：BBAI）代表了两种投资人工智能（AI）市场的不同方式

SuperMicro生产专用的AI服务器。 BigBear.ai开发了可以插入边缘网络的AI模块，以加速和自动化某些任务。

Both Super Micro Computer (NASDAQ:SMCI) and BigBear.ai (NYSE:BBAI) are interesting ways to invest in the artificial intelligence (AI) market.

超级微型计算机（NASDAQ：SMCI）和BigBear.ai（NYSE：BBAI）都是投资人工智能（AI）市场的有趣方法。

Supermicro, which is more commonly known as Supermicro, makes dedicated AI servers. BigBear.ai, on the other hand, develops AI modules that can be plugged into edge networks to rapidly accelerate and automate certain tasks.

Supermicro（通常称为Supermicro）制造了专用的AI服务器。另一方面，bigbear.ai开发了可以插入边缘网络的AI模块，以迅速加速和自动化某些任务。

Both stocks are also trading far below their all-time highs. Supermicro, which hit a record high of $118.81 on March 13, has dropped to about $33. BigBear.ai, which closed at a record peak of $12.69 on April 13, 2022, trades at less than $3.

这两种股票的交易也远低于其历史最高点。 3月13日，Supermicro在3月13日达到118.81美元的创纪录高点，跌至33美元左右。 BigBear.ai在2022年4月13日的创纪录的峰值上关闭，其交易价格不到3美元。

Let's see why these two AI stocks fizzled out -- and if either one is still worth buying today.

让我们看看为什么这两个AI股票逐渐消失 - 如果两个人仍然值得购买。

Image source: Getty Images.

图像来源：盖蒂图像。

Supermicro is overcoming some major problems

Supermicro克服了一些主要问题

Supermicro controls a much smaller slice of the server market than Hewlett Packard Enterprise or Dell, but it established an early-mover advantage in the dedicated AI server market with its liquid-cooled systems. Its close relationship with Nvidia also provided it with a steady supply of the chipmaker's high-end data center GPUs for processing AI tasks.

SuperMicro控制了服务器市场的片段要比Hewlett Packard Enterprise或Dell更小，但是它在使用液冷系统的专用AI服务器市场中建立了早期的优势。它与NVIDIA的密切关系还为其提供了芯片制造商高端数据中心GPU的稳定供应，用于处理AI任务。

Those advantages made Supermicro one of the market's hottest AI stocks. Its revenue grew 46% in fiscal 2022 (which ended in June 2022), 37% in 2023, and 110% in 2024.

这些优势使Supermicro成为该市场最热门的AI股票之一。它的收入在2022财年（2022年6月结束），2023年的收入增长了46％，2024年为110％。

But last August, a prolific short seller accused it of inflating its revenues. It subsequently delayed its 10-K filing for fiscal 2024, and it lost its auditor Ernst & Young in October. In November, it received a non-compliance letter from Nasdaq and its financial statements were subpoenaed by the Securities and Exchange Commission and the Department of Justice.

但是去年八月，一位多产的卖方指责其将其收入膨胀。随后，它推迟了2024财年提交的10-K申请，并于10月失去了审计师Ernst＆Young。 11月，它收到了纳斯达克的一封违规信，其财务报表由美国证券交易委员会和司法部传唤。

As it faced those daunting challenges, Supermicro's stock sank to a one-and-a-half year low of $18.01 on Nov. 14. However, it bounced back over the following months as it hired a new auditor, finally filed its overdue 10-K, and kept its listing.

当它面临着艰巨的挑战时，Supermicro的股票在11月14日下跌了一年半，低至18.01美元。但是，它在接下来的几个月中反弹了，因为它聘请了一名新审计师，最终提交了其逾期10-K，并保留了其上市。

Supermicro's revenue more than doubled year over year in the first half of fiscal 2025, and it anticipates 74%-101% growth for the full year as the AI boom continues. From fiscal 2024 to fiscal 2027, analysts expect its revenue and EPS to grow at a compound annual growth rate (CAGR) of 38% and 22%, respectively. Those are explosive growth rates for a stock that trades at just 10 times next year's earnings.

Supermicro的收入在2025财年上半年的年份同比增加一倍以上，随着AI繁荣的持续，它预计全年增长了74％-101％。从2024财年到2027财年，分析师预计其收入和每股收益将以复合年增长率（CAGR）分别增长38％和22％。这些是股票的爆炸性增长率，该股票的交易价格仅为明年的10倍。

We should take those bullish estimates with a grain of salt -- since higher tariffs will likely throttle Supermicro's near-term sales and squeeze its margins. But it could emerge as a stronger company if it weathers the incoming storm.

我们应该用盐分来获得那些看涨的估计 - 因为更高的关税可能会节省Supermicro的近期销售并挤压其利润率。但是，如果它破坏了即将来临的风暴，它可能会成为一家更强大的公司。

BigBear.ai faces an existential crisis

bigbear.ai面临生存危机

BigBear.ai, which went public by merging with a special purpose acquisition company (SPAC) in late 2021, originally claimed it could grow its annual revenue from $182 million in 2021 to $550 million in 2024. However, its revenue only reached $146 million in 2021 and $158 million in 2024. Its net loss more than doubled from $124 million in 2021 to $257 million in 2024.

BigBear.ai在2021年末与一家特殊目的收购公司（SPAC）合并，该公司声称，其年收入可能从2021年的1.82亿美元增加到2024年的5.5亿美元。但是，其收入在2021年的收入仅达到1.46亿美元，在2024年达到了2024年的1.58亿美元，其净损失超过了2021亿美元，超过204亿美元，在204亿美元中增加到20021年，达到了204亿美元。

BigBear.ai struggled with macro headwinds, tough competition from larger AI companies, and the bankruptcy of its top customer Virgin Orbit in 2023. It's also on its third CEO since its public debut, and it recently delayed its 10-K filing for 2024 to restate all of its financial statements for 2022 and 2023. That restatement only impacts the calculations for its convertible debt and won't affect its sales or margins, but it still rattled its disillusioned investors.

BigBear.ai在宏观逆风中挣扎，大型AI公司的激烈竞争以及2023年的顶级客户处女轨道破产。它也是自公开亮相以来的第三位首席执行官，最近它在2024年的10-K申请中延迟了其2022年和2023年的股份，并不影响其销售的所有费用。使幻灭的投资者震撼了。

The bulls hope BigBear.ai's newest CEO, Kevin McAleenan, the acting secretary of the Department of Homeland Security

公牛希望BigBear.ai的最新首席执行官Kevin McAleenan，国土安全部代理部长