Core Insights - Super Micro Computer (SMCI) has introduced Direct Liquid-Cooled, Building Block Solutions (DCBBS) to enhance data center efficiency for AI and high-performance computing (HPC) workloads [1][8] - The DCBBS is designed to support higher-wattage CPUs and GPUs while minimizing reliance on traditional air-cooling systems [2] - The introduction of DCBBS is expected to drive revenue growth in SMCI's server and storage system segment, which has already seen a 19% year-over-year increase in Q3 of fiscal 2025 [3] Revenue Growth and Future Prospects - SMCI anticipates significant revenue contributions from DCBBS, with projected revenues of $22.12 billion in 2025 and $30.2 billion in 2026, reflecting year-over-year growth of 48% and 36.33% respectively [4] - The company is well-positioned to lead in the transition towards sustainable and high-performance data centers, capitalizing on the growing demand for AI and HPC infrastructure upgrades [4] Competitive Landscape - SMCI's DCBBS faces competition from Hewlett Packard Enterprise (HPE) and Dell Technologies, both of which offer liquid cooling solutions [5][6] - HPE provides liquid-cooled HPC and AI servers, while Dell's solutions are designed to be modular and customizable, enhancing deployment efficiency [6] - Despite the competition, SMCI's fully integrated, rack-scale, plug-and-play design offers a competitive advantage [6] Stock Performance and Valuation - SMCI shares have increased by 46.7% year-to-date, outperforming the Zacks Computer-Storage Devices industry, which grew by 2.8% [7] - The company trades at a forward price-to-sales ratio of 0.85X, significantly lower than the industry average of 1.7X, indicating potential undervaluation [9] Earnings Estimates - The Zacks Consensus Estimate for SMCI's fiscal 2025 earnings suggests a year-over-year decline of 6.33%, while fiscal 2026 estimates indicate a growth of 35.75% [10] - Recent revisions in earnings estimates for fiscal 2025 and 2026 have been downward in the past 60 days [10]

Key Takeaways SMCI's server and storage system revenues hit $4.5B in Q3 FY25, up 19% year over year. Growth is driven by demand for DLC racks, new DCBBS modules and AI-optimized storage systems. Global manufacturing expansion aims to boost deployment and bypass geopolitical trade barriers.Super Micro Computer’s (SMCI) server and storage system segmental revenues grew 19% year over year in the third quarter of fiscal 2025, crossing the $4.5 billion milestone. The server and storage system segment, which ac ...

Computex 2025电脑展正在台北举行。 5月19日消息，英伟达（NVIDIA）供应商、服务器公司超微电脑（Supermicro）宣布推出超微新一代 DLC-2技术。 超微电脑创始人、CEO梁见后表示，过去3年，超微电脑公司营收增长4倍，动能来自液冷技术 （DLC）的成熟推进。而全新数据中心建设模组解决方案（DCBBS），结合新一代DLC-2技术，可以 实现节电、节水，比前一代提升40%，热量捕获率高达98%，噪音水平低至50db，还能降低高达20%的 资本支出。 值得一提的是，英伟达CEO黄仁勋也现身演讲。 上海淼算科技有限公司（简称"淼算科技"）成立于2023年7月，是一家以单相浸没液冷技术为核心企 业，公司总部位于上海，在武汉、香港、新加坡均设有分支机构，可以为全球客户提供从浸没液冷设备 的研发设计、生产制造、运输安装、后期运维的一站式服务和全栈式浸没液冷解决方案。 85后的徐彦斌是马来西亚人，少年时得到新加坡全额奖学金，在新加坡完成初高中，并在新加坡国立大 学化学系毕业后，2008年，他进入新加坡当地投行从事金融投资业务，主投IT和数字设备方向产业。 2018年，徐彦斌决定移居中国，先在北京定居 ...

Core Insights - Supermicro, Inc. has introduced Data Center Building Block Solutions (DCBBS) to simplify the construction of liquid-cooled AI data centers, addressing the complexities of infrastructure components [1][2] - DCBBS allows for rapid deployment, with the potential to go online in as little as three months, while also providing comprehensive design and support services [2][11] - The solution is designed to meet the increasing demands of AI workloads, offering customizable options at various levels of data center architecture [4][6] Group 1: Product Features and Benefits - DCBBS offers pre-validated scalable units, including a 256-node AI Factory unit, which streamlines data center design and reduces time and costs associated with buildouts [2][4] - The solution can lead to significant operational efficiencies, including up to 40% power savings, a 60% reduction in data center footprint, and a 40% decrease in water consumption, resulting in a 20% lower total cost of ownership (TCO) [3][4] - Supermicro's modular approach allows for extensive customization at the system, rack, and data center levels, enabling tailored solutions for specific workloads [6][7] Group 2: Technological Advancements - The DCBBS incorporates Supermicro's DLC-2 technology, which is expected to increase the market share of liquid-cooled data centers from less than 1% to 30% within a year, enhancing heat removal efficiency [9][10] - The liquid cooling system captures heat directly from high-performance components, achieving up to 98% heat capture efficiency and providing substantial power savings compared to traditional air cooling [10] - Supermicro's infrastructure management capabilities, including the SuperCloud Composer®, facilitate the management of compute, storage, and network resources at cloud scale [12][13] Group 3: Service and Support - Supermicro provides a complete suite of services, including data center design, solution validation, and professional on-site deployment, ensuring quick time-to-market and ongoing support [11][13] - The company offers tailored project proposals based on customer requirements, optimizing for power budgets and performance targets [8] - A 4-hour onsite response time option is available for mission-critical operations, enhancing reliability and uptime [11]

证券研究报告 科技 2025 年 5 月 08 日│美国 动态点评 AI 驱动的数据中心建设仍具备增长逻辑，SMCI 能否抢占先机？ 从 1Q25 看，美股科技巨头持续加码，对 AI 基建投入热度未减，谷歌/Meta/ 微软/亚马逊 Capex 分别同比增长 43/104/53/74%至 172/137/ 167/243 亿美 元。全年看，Meta 更上调 Capex 指引至 640-720 亿美元（原值 600- 650 亿美元），谷歌/微软/亚马逊亦分别维持 FY25 750/800/1000 亿美元的高位 指引。此外，IDC 预计未来五年 AI 服务器市场规模 CAGR 可达 16.3%，而 液冷巨头 Vertiv 也认为数据中心市场规模于同期 CAGR 为 15-17%，中期增 长逻辑仍具支撑。考虑到英伟达 GB 系列 NVL72 或面临散热与信号干扰等 挑战，上半年出货或较少，但部分客户已转单至 HGX Blackwell。英伟达在 GTC 25 也表示，Blackwell Ultra NVL72 计划 2H25 推出，最近 Digitimes 也提到该芯片或改回原来 Bianca 架构，以确保良率 ...

Super Micro Computer (SMCI) Q3 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants Michael Staiger - SVP - Corporate DevelopmentCharles Liang - Founder, Chairman of the Board, President & CEODavid Weigand - SVP & CFOSamik Chatterjee - Executive DirectorMichael Ng - Managing Director - Global Investment ResearchGeorge Wang - Vice PresidentAsiya Merchant - Technology Equity ResearchNehal Chokshi - Managing DirectorJon Tanwanteng - Managing Director Conference Call Participants Ananda Baruah - Sto ...

Super Micro Computer (SMCI) Q3 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants Michael Staiger - SVP - Corporate DevelopmentCharles Liang - Founder, Chairman of the Board, President & CEODavid Weigand - SVP & CFOSamik Chatterjee - Executive DirectorMichael Ng - Managing Director - Global Investment ResearchGeorge Wang - Vice PresidentAsiya Merchant - Technology Equity ResearchNehal Chokshi - Managing DirectorJon Tanwanteng - Managing Director Conference Call Participants Ananda Baruah - Sto ...

Super Micro Computer (SMCI) Q3 2025 Earnings Call May 06, 2025 05:00 PM ET Speaker0 Thank you for standing by. My name is Victoria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Super Microcomputer, Inc. SMCI U. S. Third Quarter Full Year twenty twenty five Earnings Call. With us today are Charles Weiang, Founder, President and Chief Executive Officer David Weigand, CFO and Michael Stager, Senior Vice President of Corporate Development. All lines have be ...