X @郭明錤 (Ming-Chi Kuo)
郭明錤 (Ming-Chi Kuo)·2026-03-21 15:22
Smuggling AI servers into China didn’t change the downward trend in Super Micro’s gross marginExcerpt:"...servers sold for $510 million between late April 2025 and mid-May 2025..."Full article:https://t.co/jFjc4ZzU7zAt least ~10% of Super Micro’s 2Q CY2025 revenue was tied to servers reportedly smuggled into China. In theory, these should carry much higher margins, but gross margin still declined sharply to 9.6% (vs. 11.3% in 2Q CY2024).Two possibilities:1. Margins in the legitimate business are simply too ...