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GF Securities Downgrades Dell to Hold on Valuation Concerns as SpaceX, CoreWeave Eye Direct ODM Deals on June 25

2026-06-25 12:29:38

According to BlockBeats, on June 25, Jeff Pu, head of overseas technology research at GF Securities Hong Kong, downgraded Dell's stock rating from Buy to Hold. The downgrade reflects Dell's 200% share price surge since October, with current valuations exceeding 20x 2028 fiscal-year earnings per share, limiting upside potential.

Pu flagged rising risks from direct ODM partnerships. SpaceX and CoreWeave are evaluating direct collaborations with ODM manufacturers including Quanta, Hon Hai, and Pegatron, potentially bypassing brand server integrators like Dell and compressing traditional vendors' market share and margins.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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