3 Server Stocks Set to Capture $40B in AI Revenue in 2025

Key Points

• Within the AI value chain, server companies are growing sales at a brisk pace.
• Two legacy tech giants and one firm recently embroiled in controversy may jointly generate $40 billion in AI server and systems revenue in 2025.
• One of these companies recently signed a deal to supply Elon Musk's X with AI server technology.

When it comes to AI, there are many different types of businesses that participate in this complex technological value chain. Some companies design or make advanced chips that perform intense computational work. Others build massive data centers or provide high-speed cables that let chips talk to each other. Eventually, these investments lead to the creation of computer programs that utilize AI workloads.

One important part of this AI value chain is server companies. These companies purchase graphics processing units (GPUs) from suppliers like NVIDIA NASDAQ: NVDA. They then put those chips, along with other components, together to create a server. In its simplest form, a server is just a computer.

A GPU is just one of many components needed to make a computer work. Motherboards, storage, and RAM are other parts that are needed. Server companies bring all these parts together and then sell them as a package. They have specific packages optimized for AI workloads. Together, these three server companies may bring in $40 billion in AI revenue in 2025.

Dell Technologies: AI Servers Could Make Up 15% of the Business in 2025

Dell Technologies NYSE: DELL believes AI servers will become a significantly more important part of its overall business in 2025. The tech company just had its fiscal full-year 2025 earnings release.

For Dell, this fiscal period is the same as the 2024 calendar period. Over that year, the firm achieved AI server shipments of nearly $10 billion. Many consider shipments a close proxy for revenue, as companies can typically recognize these shipments as revenue once they deliver them. Overall, this $10 billion accounted for just over 10% of Dell’s total revenue for the year.

Dell also announced specific guidance related to AI servers. In fiscal 2026, or the 2025 calendar year, Dell is forecasting $15 billion in AI server shipments. Based on the firm’s total revenue guidance of $103 billion, Dell is predicting that AI server revenue as a percentage of total revenue will increase to nearly 15%.

Hewlett Packard Enterprise: Smaller But Rapidly Growing AI Systems Business

Next up is Hewlett Packard Enterprise NYSE: HPE. In fiscal Q4, which equates to the three months ended Oct. 31, 2024, HPE saw what it calls “AI-systems” revenue of $1.5 billion. Aside from servers, the company also breaks out revenue for AI services. This includes things like consulting and training enterprise customers on how to best utilize its AI servers. Its total revenue from AI systems of $4.1 billion in fiscal 2024 was a 173% increase over fiscal 2023.

HPE didn’t give specific guidance around how much AI-systems revenue it will see in 2025, but there are some trends we can use to deduce this number. Assuming the same level of AI-systems revenue from fiscal Q4, HPE would bring in $6 billion from this source in fiscal 2025. This would represent around 46% growth in terms of total AI-systems revenue compared to fiscal 2024. The company also reported that it has around $3.5 billion in backlogs for AI systems.

Overall, its AI-systems revenue is likely to be between $4 billion and $6 billion in fiscal 2025, corresponding to the first 12 months ended Oct. 31, 2025. The number could be even higher, considering the firm reportedly inked a $1 billion deal to supply the social media company X with AI servers. HPE beat out Dell and the next company on this list to get these sales.

Super Micro Computer: $20 Billion in AI Revenue Is on the Table in 2025

Super Micro Computer NASDAQ: SMCI is a hot topic in the market these days. Its AI-related revenue might reach double what Dell and HPE bring in combined. The company recently released its financial results for fiscal Q2 2025, equivalent to the Q4 2024 calendar quarter. Management said that AI-related platforms contributed to more than 70 percent of the company’s revenue that quarter.

Based on company-provided guidance, analysts predict $28.4 billion in total revenue over the next four quarters. If AI-related platforms keep bringing in 70% of revenue, the company will earn $20 billion in sales from them in 2025.

Adding $20 billion from Super Micro, $15 billion from Dell, and presumably $5 billion from HPE brings the combined figure to $40 billion for 2025. Overall, these companies are growing their business by taking advantage of the value they can offer in the AI ecosystem.