Core Insights - Super Micro Computer, Inc. (SMCI) has announced advancements in its Direct Liquid Cooling (DLC) solution, which significantly enhances cooling efficiency for AI and data center applications [1][2][3] Group 1: Technology Improvements - The new DLC-2 solution can reduce data center power consumption by up to 40% compared to traditional air-cooled systems [1][2] - The solution allows for higher liquid inflow temperatures, accommodating up to 45°C, which eliminates the need for chilled water and reduces water consumption by up to 40% [5][7] - The design includes comprehensive cold plate coverage for various components, which lowers fan speeds and reduces noise levels to approximately 50dB [1][7] Group 2: Cost Efficiency - The total cost of ownership for data centers utilizing the DLC-2 solution can decrease by up to 20% [1][2] - The innovative design and efficient liquid circulation enable faster deployment and reduced time-to-online for AI infrastructure [1][7] Group 3: System Specifications - The new architecture features a GPU-optimized server that includes eight NVIDIA Blackwell GPUs and two Intel® Xeon® 6 CPUs within a compact 4U rack height [3] - The in-rack Coolant Distribution Unit (CDU) can remove up to 250kW of heat per rack, enhancing overall cooling capacity [4] Group 4: Market Positioning - Supermicro aims to make liquid cooling more accessible, targeting a market where liquid-cooled data centers are expected to account for 30% of all installations [2][6] - The company provides a comprehensive suite of solutions, including liquid-cooling technologies, networking, and data center management software [7][9]

| = US 30 | 42,160.00 | 42,212.50 | 42,092.50 | +19.60 | +0.05% | | --- | --- | --- | --- | --- | --- | | = US 500 | 5,898.60 | 5,903.90 | 5,877.90 | +12.10 | +0.20% | | 트 US Tech 100 | 21,270.40 | 21,304.60 | 21,160.50 | +72.70 | +0.34% | 2. 截至发稿，德国DAX指数跌0.31%，英国富时100指数涨0.03%，法国CAC40指数跌0.43%，欧洲斯托克50指数跌0.33%。 | 德国DAX30 | 23,546.26 | 23,706.20 | 23,447.10 | -73.33 | -0.31% | | --- | --- | --- | --- | --- | --- | | 瑞 英国富时100 | 8,605.27 | 8,615.45 | 8,566.47 | +2.35 | +0.03% | | 法国CAC40 | 7,840.17 | 7,877.74 | ...

The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust ...

超微电脑（SMCI）涨超9%，Raymond James给予该公司股票超配的初始评级。 ...

Financial Performance - Net sales increased by 19.5% to $4,599.9 million for the three months ended March 31, 2025, compared to $3,850.1 million for the same period in 2024[213]. - Gross margin decreased to 9.6% in the three months ended March 31, 2025, down from 15.5% in the same period of 2024[213]. - Operating expenses rose by 33.9% to $293.4 million for the three months ended March 31, 2025, compared to $219.1 million in 2024[213]. - Net income for the three months ended March 31, 2025, was $108.8 million, a decrease from $402.5 million in the same period of 2024[207]. - For the three months ended March 31, 2025, net sales increased by $749.8 million, or 19.5%, driven by higher demand for GPU servers, HPC, and rack-scale solutions[234]. - Server and storage systems net sales for the three months ended March 31, 2025, reached $4,458.9 million, a 20.6% increase from $3,698.5 million in the same period of 2024[228]. - Net income for the three months ended March 31, 2025, was 2.4% of revenue, down from 10.5% in the same period of 2024[226]. - Net sales in Asia increased by $589.7 million, or 77.1%, for the three months ended March 31, 2025, primarily due to growth in Japan and Thailand[234]. Expenses and Costs - The cost of sales for the three months ended March 31, 2025, was $4,159.7 million, a 27.9% increase from $3,252.7 million in 2024[236]. - Total operating expenses as a percentage of revenue increased to 6.4% for the three months ended March 31, 2025, compared to 5.6% in 2024[226]. - Research and development expenses increased to $162.9 million for the three months ended March 31, 2025, compared to $116.2 million in 2024[225]. - Sales and marketing expenses rose by $10.3 million (20.7%) to $60.0 million for the three months ended March 31, 2025, primarily due to increased employee-related costs and advertising expenses[244]. - General and administrative expenses increased by $17.4 million (32.8%) to $70.5 million for the three months ended March 31, 2025, mainly due to higher professional and service fees[245]. - Total operating expenses for the three months ended March 31, 2025, were $293.4 million, a $74.3 million (33.9%) increase compared to the same period in 2024[240]. - Research and development expenses increased by $46.7 million (40.2%) to $162.9 million for the three months ended March 31, 2025, driven by workforce expansion and product development costs[242]. Tax and Interest - The effective tax rate increased to 5.1% in the three months ended March 31, 2025, from (5.2)% in the same period of 2024[213]. - The effective tax rate for the three months ended March 31, 2025, was 5.1%, compared to (5.2%) for the same period in 2024, reflecting changes in stock compensation tax deductions[256]. - Interest expense increased by $7.2 million (116.1%) for the three months ended March 31, 2025, primarily due to interest charges on convertible notes[252]. Cash Flow and Financing - Net cash provided by operating activities increased by $2,634.1 million for the nine months ended March 31, 2025, compared to the same period in 2024, primarily due to a significant increase in working capital[262]. - Cash and cash equivalents were $2.5 billion as of March 31, 2025, up from $1.7 billion as of June 30, 2024[258]. - Net cash provided by financing activities decreased by $3,478.2 million for the nine months ended March 31, 2025, primarily due to reduced proceeds from the issuance of common stock[264]. - The company closed the offering of $700.0 million aggregate principal amount of 2028 Convertible Notes on February 20, 2025[266]. - As of March 31, 2025, the outstanding principal indebtedness under credit facilities was $107.0 million[271]. Market and Economic Factors - The growing demand for AI and data center capabilities is expected to drive further product demand and market expansion[211]. - Macroeconomic factors such as labor shortages and supply chain disruptions may impact future financial performance[212]. - Future capital requirements will depend on growth rate, development spending, and expansion of sales and marketing activities[268]. - The company will continue to evaluate new business opportunities and markets, which may dictate additional facilities and capital expenditures[267]. - A 10% change in interest rates is believed to not have a significant impact on the company's results of operations[271]. - The company maintains a portfolio of cash equivalents and short-term investments to minimize market risk associated with interest rate fluctuations[270]. Capital Expenditures - Capital expenditures for the remainder of fiscal year 2025 are anticipated to be in the range of $45.0 million to $55.0 million, primarily for global manufacturing capabilities and new product tooling[267].

Super Micro Computer ( SMCI ) ’s share price crashed 17% earlier this month when the company said, based off of its preliminary (unaudited) results, that it badly missed its own top-line guidance. Last week, Super Micro Computer submitted its full earnings sheet which causedAnalyst’s Disclosure: I/we have a beneficial long position in the shares of SMCI, NVDA, AMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving ...

Core Viewpoint - Super Micro Computer has faced significant challenges, including disappointing fiscal results and weak guidance, leading to a nearly 50% decline in stock value since mid-February 2025 [1][5]. Financial Performance - For fiscal Q3, Supermicro reported a revenue increase of 19% to $4.6 billion, but this fell short of the earlier guidance of $5 billion to $6 billion [5]. - The fiscal Q4 guidance is projected to be between $5.6 billion and $6.4 billion, which is below the analyst consensus of $6.82 billion [5]. - The company has consistently lowered its revenue guidance over the past year, indicating ongoing operational struggles [3][11]. Gross Margin Issues - Supermicro's gross margin decreased to 9.6% in the latest quarter, down from 11.3% a year earlier, reflecting ongoing pressure in a low-margin business environment [4][8]. - The company anticipates gross margins to remain around 10% in fiscal Q4, showing little sign of recovery [9]. - The decline in gross margins is attributed to increased price competition and tariff pressures, particularly related to the transition in GPU technology [9][8]. Market Dynamics - Customers are delaying platform decisions, impacting sales forecasts, as they evaluate competing GPU technologies from Nvidia [6][7]. - The company operates in a highly competitive industry with limited differentiation, which complicates its ability to maintain margins [8]. Investment Considerations - Despite a low forward price-to-earnings ratio of under 9x based on fiscal-year 2026 estimates, there is uncertainty regarding whether these estimates will need to be revised downward [12]. - While Supermicro could benefit from increased AI infrastructure spending, it operates in a low-margin business and lacks the technological advantages seen in competitors like Nvidia [13].

Even with Supermicro’s ( SMCI ) Q3 earnings miss, with gross margins declining to 9.7% and EPS trimmed almost in half sequentially, the stock remained at the key $30 support level since myHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spotting ...

Super Micro Computer, Inc.'s (NASDAQ: SMCI ) (NEOE: SMCI:CA ) achieved a "V-shaped" recovery, but the shape is upside down. The biggest hurdle preventing the stock from going higher is no longer its SEC compliance issues. Investors are concerned about both macro and microI'm specialized in fundamental equity research, global macro strategy, and top-down portfolio construction. I graduated from UCLA with a degree of Business Economics and UMich Ross School of Business with a Master of Accounting. I'm a senio ...

My last coverage on Super Micro Computer, Inc . ( SMCI ) was published back in March 2025. That article was titled “Super Micro Computer: Bears Need To Check Out Its Inventory (Rating Upgrade).” It As you can tell, our core style is to provide actionable and unambiguous ideas from our independent research. If your share this investment style, check out Envision Early Retirement. It provides at least 1x in-depth articles per week on such ideas.We have helped our members not only to beat S&P 500 but also avoi ...