HPE Not Getting Due Credit on AI, CEO Neri Says
Summary
TLDRこのビデオスクリプトでは、HPがインフラ構築における役割に相応する評価を得ていないと主張する議論が展開されています。同社のAIシステムの売上成長と利益率の向上を強調し、独自の技術や製造能力、サービスを通じて市場での存在感を高める戦略について説明しています。また、パートナーシップを通じての共同開発や革新を強調し、将来の成長と成功に向けた意欲を示唆しています。
Takeaways
- 📈 HPは、市場での評価が低いと主張しており、自社のAIシステムの収益が1000億ドル近くに達していると強調しています。
- 💼 Michael DellやJensen Huangと比較して、HPはより良いマージンを持ちながら、インフラ構築における役割に対する評価が低いと感じています。
- 🚀 HPは、AIシステムの売上が18%増加し、オペレーティング利益が11%増加したと報告しており、これは企業の成長と効率性の向上を示唆しています。
- 💡 HPは独自の技術を持ち、特にウォータークーリング技術においては世界最大の製造基地の一つを持っており、次世代のシリコン技術に対応する準備ができています。
- 🌐 HPはサービス部門においても強力で、AIシステムを含むサーバーセグメントでの売上と利益の両面で成長を続けています。
- 📊 市場はHPが提供する包括的なポートフォリオを理解しておらず、単なるサーバーの出荷だけでなく、インストールや運用を含むサービスも提供していると主張しています。
- 🌟 HP Greenlakeプラットフォームは急速に成長しており、そのうちAIが最も急速に成長しているセグメントで39%の年対比増加を記録しています。
- 🤝 パートナーシップは重要で、HPは他の技術企業と協力して独自のIPと他社のIPを組み合わせて市場に新しい価値を提供しています。
- 🔧 HPはコスト管理に力を入れており、自己社でもその技術を展開することで効率性を高めると述べています。
- 🏢 企業はモデルビルダー、ソブリンクラウド、エンタープライズの3つのセグメントに分かれており、それぞれ異なるニーズに対応しています。
- 🔑 HPは他の技術企業と協力しながらも、独自の販売チャネルとビジネス経験を活かし、成長を続ける戦略を展開しています。
Q & A
HPはなぜ他の企業のように評価されていないのですか?
-HPは自社の技術力とインフラ構築への貢献を評価されていないと感じていますが、実際のところはAIシステムの収益が1000億ドル近くに達し、優れたパイプラインを持っており、企業向け市場での存在感も大きいと言えます。
HPが持つユニークな能力とは何ですか?
-HPはスケールでの運用、独自の知的財産に基づくシステムの構築、水クーラントを活用した製造能力、サービスという幅広い分野にわたる能力を持っています。
AIシステムの収益増加に寄与した要因は何ですか?
-AIシステムの収益増加には、賢明なビジネスの規律、完全なポートフォリオ、そしてコスト管理の厳しい取り組みが寄与しています。
HP Greenlakeプラットフォームの成長はどの分野で最も速いですか?
-HP Greenlakeプラットフォームの最も急速な成長はAI分野で、前年比39%の成長を記録しています。
HPが注目している顧客のセグメントにはどのようなものがありますか?
-HPが注目している顧客のセグメントには、モデルビルダー、ソブリンクラウド、そしてエンタープライズがあります。
モデルビルダーとはどのような企業ですか?
-モデルビルダーとは、膨大なパラメータを持つモデルをトレーニングするために、大量のアクセラレータコンピュートを必要とする企業です。
ソブリンクラウドの成長はなぜ重要なのでしょうか?
-ソブリンクラウドは、国内の法規制やデータ保護の要件に応えるために重要な成長分野であり、HPはこれに対応するソリューションを提供しています。
HPはどのようにしてパートナーシップを強化していますか?
-HPはIPの共有、共同開発、インフラストラクチャの専門知識、製造能力、サービスを通じてパートナーシップを強化しています。
NVIDIAのJensen HuangがHPとの提携をどのように見ていますか?
-Jensen HuangはHPとの提携を非常に喜んでおり、共に革新的なソリューションを発表し、技術の採用を促進する予定です。
HPはどのようにしてマージンを維持していますか?
-HPは賢明なビジネス規律、完全なポートフォリオ、そして会社の全般におけるコスト管理の厳しい取り組みを通じてマージンを維持しています。
HPは今後どのような分野で成長を目指していますか?
-HPはAI分野での成長を目指しており、モデルビルダー、ソブリンクラウド、エンタープライズ向けのソリューションを強化していく予定です。
Outlines
📈 HPの株価評価と成長戦略
この段落では、HPがDellやSupermicroに比べて株価評価を受けていない現状を指摘し、AIシステム収益が約10億ドルに達し、企業の将来性に対する期待と実際の評価のギャップが議論されています。また、HPがスケーラブルなサーバーソリューションを提供し、独自の専門知識と製造能力を持ち、水冷却技術を備えていることで次世代のシリコンに適した冷却技術を提供できると強調しています。さらに、AIシステムにおける18%の成長と11%の運用利益を達成し、コスト管理の重要性を語っています。
🤝 技術提携による成長と協力関係の強化
第二段落では、HPが技術提携を通じて成長を図る戦略について話されています。特に、GPUやCPUを提供するパートナー企業との協力関係を強化し、共に市場でのイノベーションを推進する意図が示されています。AMDとの長期的な提携関係やエネルギー省とのスーパーコンピューターの開発など、HPが持つインフラストラクチャの専門知識と製造能力を強調しています。また、サービスの重要性も語られており、システムの維持とサポートを提供する能力が企業の強みとされています。
Mindmap
Keywords
💡HP
💡Dell
💡supermicro
💡スケーラブルなサーバーソリューション
💡AIシステム
💡マージン
💡インフラストラクチャ構築
💡製造能力
💡サービス
💡モデルビルダー
💡ソブリンクラウド
💡エンタープライズ
💡GPU
💡CPU
💡HP Greenlake
Highlights
HP is not receiving the credit it deserves for its role in the infrastructure build-out compared to Dell or Supermicro.
HP's core orders beat revenue and non-GAAP EPS, driven by AI system revenue.
HP's AI system revenue conversion reached nearly $1 billion.
HP has a strong pipeline, significantly larger than the current backlog.
HP has unique capabilities in running at scale, with decades of experience.
HP has expertise in intellectual property and system building, including cooling solutions.
HP has a unique manufacturing footprint for water cooling, essential for next-generation silicon.
HP offers a complete pull-through from infrastructure to services in AI profitability.
HP's AI systems segment showed an 18% growth year over year and an 11% operating profit.
Prudent business discipline and cost management contribute to HP's strong margins.
HP Greenlake's fastest-growing area is A.I., with a 39% growth year over year.
HP focuses on three segments: model builders, sovereign cloud, and enterprise.
Microsoft is extending Azure Air cloud to HP infrastructure to serve clients.
HP has a long-standing relationship with AMD, co-engineering supercomputers.
HP brings infrastructure expertise, including unique IP in cooling technologies.
HP has one of the largest water-cooled manufacturing footprints in the world.
HP's services are crucial for the maintenance and operation of complex systems.
Nvidia's Jensen Huang and HP will announce solutions to advance technology adoption.
HP and Nvidia will showcase innovation at a spectacular venue, the sphere.
Transcripts
I look at HP and the stock performance and
you're not getting the credit that Dell is or supermicro.
I see Jensen Huang Pat, Michael Dell on the back and say if you need a scalable
server solution you phone Michael Dell but your margins are better.
Are you finally starting to get some credit for the role you're playing in
the infrastructure build out? Well, good morning and then, Caroline,
great to be here with you today. I, I completely agree with you that the
HP is not getting the due credit for the potential of what we do for API and the
results we have been delivering, including this past quarter.
So when we think about, you know, our core orders, number one, we beat revenue
and we beat EPS, non-GAAP EPS, and that was all driven by the AI system revenue
conversion to a point Cutler made almost $1,000,000,000.
We see the $900 million and we have a terrific pipeline, which is a multiples
multiples of the current backlog. And now we start seeing the uptick in
enterprise, which obviously HP has a significant presence.
But the reality is that we have unique capabilities.
When I think about the capabilities HP has in this particular inflection point,
I number one, we now have to run at scale.
We have done it for decades, has been more than a supercomputer now in
engineering at the V.A. And that comes on the back of our unique
expertise in IP intellectual property. So we know how to build the systems, how
to cool it. And then we have a unique manufacturing
footprint for water cooling as we think about the next generation of silicon
would require 100% radical cooling. And HP is one of those that companies
can do it all. And then last but not least, is the
services piece. And when you talk about profitability of
AI, we think about as a complete pull through is not just the infrastructure
side, is also the services side. And we had a very solid margin
performance in our in our AI systems, which is part of the server segment
where we deliver 18% growth year over year and we deliver an 11% operating
profit in the guidance we provide 11 to 13 year CFO talking about prudent cost
discipline, is that what helps with the margin as well?
Antonio Because look, let's call out Jp morgan, the analysts over there this
morning saying the results in the outlook echo echoed similar.
I serve a story of revenue with limited margins.
They're not hearing you on the fact that you've got stronger margins.
I think it's a combination of three unique things, kind of like number one
is prudent business discipline. We have been, you know, on that journey
for a long time. We pursue deals that we can add value
that we see path to profitability and that we can drive, pull through.
That's number one. Number two is our complete portfolio.
And so one of the key areas that I think the market doesn't understand is that we
don't just ship servers, we actually ship the server, we install it, and in
many cases we run it as a part of our HP Greenlake platform and that includes an
enormous amount of services. That's why you see HP Greenlake also
growing rapidly and the fastest growing area of HP Greenlake this past quarter,
which grew 39% year over year, is actually A.I..
And last but not least, is our ongoing brutal management of cost across the
company. And also we are now deploying in our own
company. Oh, that's interesting.
So you're deploying within your company generally, I'm sure.
But who's coming to you? Who are the clients?
Because I'm actually surprised that. Where else have you been focusing if
it's not enterprise? Well, there is, I think, about three
unique segments. Number one, obviously, is what I call
the model builders. These are the people who are building
the model and need an enormous amount of accelerator compute to train the models
for hundreds of millions of parameters to not obviously a trillion plus
parameters. And in that, we also mentioned yesterday
that Microsoft is extending the Azure Air cloud to HP infrastructure and to
serve the clients. And one of the clients just happened to
be open air. So that's a great example of it.
But there is also other service providers like Scale.
Well, in France and many others we support.
That's one segment and obviously that's what a lot of the demand has been.
The Circle segment, which is growing now, is actually Sovereign cloud, and
the third is Enterprise. And Tony, there is an interesting
tension happening in your industry and with your partners.
You know, Lisa Sue and AMD and Jensen and Nvidia principally have the GPUs and
CPUs, right? But they want to be systems vendors.
And so in the context of a server, there's not a lot left over after that.
But they don't have the experience in the sales channels that you guys operate
in businesses big and small enterprise. How were you able to convince your
investors that you can grow together when you know that your biggest partners
on the tech side want to do more stuff themselves?
Yeah. And we have obviously decades of
experience in doing so, I think is a multiple things.
Number one, obviously we work with them to make sure their IP with our IP
deliver a better experience and a better performance.
And so we co engineer a lot of things and going to see here with the media in
particular at HP Discover in Las Vegas an enormous amount of innovation.
We bring it to the market. So I hope you can join us and take a
look at that. But also with AMD, obviously we have a
long standing relationship. In fact, some of the large
supercomputers with the Department of Energy has been built together with EMV.
But we will bring is the infrastructure expertise.
So it's not just the silicon built in the server and you and I were chatting
before the call is actually about the whole infrastructure.
And in that now we have unique IP when it comes down to air cooled, mixed
cooling and direct liquid cooling, that's very hard to do.
Second piece, you need the manufacturing capability to do so.
HP today has one of the largest water cooled manufacturing footprint in the
world. And as you follow the roadmap, that will
be necessary. And last but not least, obviously, it is
the services piece, because this system required a lot of maintenance and a lot
of kind of TLC, if you will, and HP knows how to do that at the scale.
So Antonio Jensen Huang will be on stage with you and he'll give you a public
endorsement. Is that right?
No, I think what's going to happen is Jensen and I are super excited to
announce solutions together that will advance the adoption of this amazing
technology. And obviously that's where the two
companies come together, but also do it in a spectacular venue, which will be at
the sphere. And so that we're going to showcase all
that. The innovation is going to be very
engaging and I think, you know, the first of a kind.
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