Jefferies says SpaceX (SPCX) and CoreWeave (CRWV) plans to source their AI servers directly from Taiwanese ODMs, rather than purchasing 100% from Dell (DELL)

The direct-from-ODM pattern is the established hyperscale playbook: the largest cloud buyers have long bypassed branded OEMs to source whitebox servers from Taiwanese contract manufacturers, and analyst notes flagging a shift of this kind have historically been read as a margin story for the incumbent vendor rather than a demand story. The transmission channel is Dell's AI server revenue mix, where the units have carried thin margins but large top-line contribution; losing share of wallet at two high-profile AI customers compresses that revenue line even where aggregate AI server demand is unchanged. The relevant distinction is between a full disintermediation and a partial sourcing split, since large buyers routinely dual-source and 100% direct migration is rarely confirmed at the outset. Track record matters here: Jefferies' hardware coverage has tended to move the named stocks on supply-chain checks of this kind, with the ODM complex typically trading in sympathy. What is worth watching next is any response from Dell on backlog composition and whether peers in the server OEM space issue comparable read-throughs at upcoming results.