L6中游
AI 服务器
GPU servers, racks, and storage systems integrating accelerators into deployable units.
需求为什么传导到这里
加速器进入数据中心的形态是机架而不是芯片：整机集成、机箱内供电、存储和验证。这是一层毛利不高、却决定芯片多快能变成可用产能的环节。
瓶颈在哪
真正决定交付日期的，往往是集成验证的吞吐和各部件能否同时到位，而不只是加速器本身有没有货。
这是关于供应商集中度与交期的结构性观察，不是对任何标的的看法。
本层级的公司
- SMCI受益
GPU server and rack systems integrating accelerators into deployable units.
- DELL受益
AI server and storage systems for enterprise and hyperscale customers.
- HPE受益
AI and high-performance compute server systems.
同一赛道
Descriptive positioning only. `stance` says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.