90年代科技巨星重焕生机：诺基亚、戴尔、思科在人工智能领域强势崛起

Tech Stars From the 90s Reborn: Nokia,Dell, Cisco Surge on AI 90年代科技巨星重焕⽣机：诺基亚、戴尔、思科在⼈⼯智能领域强势崛起 A server displayed during the Dell Technologies World Annual Convention event in Las Vegas,Nevada.Photographer: Ian Maule/Bloomberg 在内华达州拉斯维加斯举⾏的戴尔科技世界年度⼤会上展示的⼀台服务器。摄影：伊恩·莫尔/彭博社 May 30, 2026 at 9:00 PM GMT+8 彭博AI要点 They were all stars of the dot-com era before fading into the backgroundas the bubble burst and a new generation of tech darlings rose to the forefront. But Dell Technologies Inc., Nokia Oyj and Lenovo Group Ltd.are back with a vengeance thanks to the unrelenting artificial intelligencespending boom. 它们曾是互联⽹泡沫时代的明星企业，但在泡沫破裂、新⼀代科技宠⼉崭露头⾓之际，它们逐渐淡出了⼈们的视线。然⽽，得益于⼈⼯智能领域持续⾼涨的投资热潮，戴尔科技集团、诺基亚和联想集团正强势回归。 A rush to build out AI infrastructure has led to soaring demand foreverything from computer servers to storage components, networkinggear and even legacy chips. That’s resulted in a frenetic rally in stocksaround the world with any sort of exposure to those areas. The latestsurge has swept up iconic tech names from the 1990s, including many ofthe so-called “Four Horsemen” — a group considered the equivalent ofthe Magnificent Seven cohort during that era. ⼈⼯智能基础设施建设的热潮，导致从计算机服务器到存储组件、⽹络设备，甚⾄⽼旧芯⽚等各类产品的需求激增。这使得全球范围内任何与这些领域相关的股票都出现了疯狂上涨。此轮最新涨势席卷了1990年代的标志性科技股，其中包括许多所谓的“四骑⼠”——这⼀群体被视为当时“七⼤巨头”的等同者。 In addition to Dell, Nokia and Lenovo, high fliers from the dot-com daysthat have caught fire again this year include Micron Technology Inc., IntelCorp., Texas Instruments Inc. and Cisco Systems Inc. In total, the sevenstocks have soared an average of 158% in 2026, adding a combined $1.7trillion in market value. 除了戴尔、诺基亚和联想之外，今年再度焕发活⼒的互联⽹时代明星企业还包括美光科技、英特尔、德州仪器和思科系统。这七只股票在2026年累计平均涨幅⾼达158%，总市值增加了1.7万亿美元。 “About six months ago we started realizing that the AI infrastructurebuildout is now really broadening out, and there’s a massive under-supply in especially the boring hardware space where capacity additionhas been very limited over the last few years,” said Yan Taw Boon, aportfolio manager at Neuberger Berman. “But demand is skyrocketing —everything from the boring CPUs to networking to passive components, to storage and memory.” “⼤约六个⽉前，我们开始意识到⼈⼯智能基础设施的建设范围正在⼤幅扩展，⽽供应严重不⾜，尤其是在那些看似平淡⽆奇的硬件领域——过去⼏年⾥，这些领域的产能扩张⾮常有限，”纽伯格伯曼的投资组合经理严道⽂表⽰。“但需求却在激增——从看似平淡⽆奇的CPU，到⽹络设备、⽆源元件，再到存储和内存，⽆⼀例外。” Legacy Tech Stocks Soar as AI Rally Spreads 随着⼈⼯智能热潮蔓延，传统科技股⼤幅上涨 Source: Bloomberg来源：彭博社Note: Percentage change since Dec. 31, 2025 注：⾃2025年12⽉31⽇以来的百分⽐变化 From clunky mobile phone makers to a reinvented calculator chipproducer, here are some of the retro tech stocks that are staging a roaringcomeback: 从笨重的⼿机制造商到焕然⼀新的计算器芯⽚⽣产商，以下是⼀些正在强势回归的复古科技股： Dell戴尔 Shares of Dell soared 33% on Friday, their biggest one-day gain ever, afterthe hardware maker — best known for its personal computer business —reported earnings that showed surging demand for its AI servers. 周五，戴尔股价飙升33%，创下有史以来最⼤单⽇涨幅。此前，这家以个⼈电脑业务闻名的硬件制造商发布的财报显⽰，其⼈⼯智能服务器的需求激增。 The rally may harken back to Dell’s heyday when the stock soared morethan 200% for three consecutive years in the late 1990s. But after thecompany lost more than 80% of its value in the wake of the dot-com bust,it was taken private in 2013. Dellreturned to public markets in late 2018and is now worth $125 billion more than its peak valuation of $148 billionin March 2000. 此次股价上涨或许让⼈联想到戴尔的全盛时期——1990年代末，该公司股价曾连续三年飙升逾200%。但在互联⽹泡沫破裂导致公司市值蒸发逾80%后，戴尔于2013年被私有化。戴尔于2018年底重返公开市场，⽬前市值⽐2000年3⽉1480亿美元的峰值⾼出1250亿美元。 The blowout earnings print is evidence that Dell is “the latest perceiveddinosaur tech to rediscover a new lease of life as an AI powerhouse,” saidEmmanuel Valavanis of Forte Securities. Forte Securities的埃马纽埃尔·⽡拉⽡尼斯表⽰，这份远超预期的财报证明，戴尔是“又⼀家被视为科技界‘恐龙’的企业，如今却作为⼈⼯智能巨头重获新⽣”。 Lenovo联想 Lenovo Group Ltd. announced itself on the global stage with theacquisition of International Business Machines Corp.’s personalcomputing division in 2005, gaining rights to the iconic ThinkPad line ofbusiness notebooks, and providing a foundation to eventually becoming the largest PC maker in the world. 联想集团有限公司于2005年通过收购国际商业机器公司（IBM）的个⼈电脑业务部门，正式登上全球舞台，由此获得了标志性商务笔记本电脑ThinkPad系列的使⽤权，并为最终成为全球最⼤的个⼈电脑制造商奠定了基础。 While the PC industry has been in secular decline for years, Lenovo’spush into AI products and services has helped the Chinese computerhardware company generate revenue growth of 20% over the last year,with nearly 40% of its total sales now coming from those businesses. 尽管个⼈电脑⾏业多年来⼀直处于长期衰退之中，但联想进军⼈⼯智能产品和服务领域，帮助这家中国计算机硬件公司实现了过去⼀年20%的营收增长，⽬前其总销售额中近40%来⾃这些业务。 Lenovo shares gained 105% in May to hit a record high and mint their bestmonth in more than a quarter-century. Its shares are the top performeron Hong Kong’s benchmark Hang Seng Index this year, up 159%,delivering investors more than three times the return of the next beststock. 联想股价5⽉份上涨105%，创下历史新⾼，并创下逾25年来最佳单⽉表现。该股是今年⾹港恒⽣指数中表现最佳的个股，涨幅达159%，为投资者带来的回报是排名第⼆的个股的三倍多。 Read More:Lenovo Doubles in Best Month Since 1999 on AI-Fueled Rally Nokia Nokia suffered back-to-back setbacks in