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Super Micro Computer
(SMCI ↗)
supermicro.com ↗
Supermicro rode the AI boom to explosive growth — but at razor-thin margins, while burning cash to stock inventory, and under the cloud of accounting scrutiny that nearly got it delisted in 2024. High growth, high risk.
Updated · Q3 FY26 · May 2026
6
Chapters
~17
Min read
~$34B / yr revenue · ~6.2K employees · public since 2007
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0 of 6
1
Growth
~3 min
Riding the AI Wave
A scrappy server maker's sales more than doubled in a year. The whole story is AI.
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2
Financial Health
~4 min
Growing So Fast It's Burning Cash
Supermicro turned a profit last quarter — and still burned $6.6 billion in cash.
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3
Moat
~3 min
A Thin Moat in a Crowded Field
Supermicro is fast and flexible. It also keeps only about ten cents of every dollar.
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4
Management
~2 min
The Founder and the Asterisk
Supermicro's founder built it from scratch. Its accounting keeps raising questions.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The income statement says *what* happened. The fine print says how much to trust it.
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6
Risk
~3 min
Great Growth, Real Red Flags
The growth is real. So are the red flags — starting with whether you can trust the numbers.
↻ Next update · Aug 5
est. Aug 5, 2026 · Q4 FY26 · Supermicro IR ↗
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You're reading the 6 opening chapters. After that, every time Supermicro files a new report, the chapters get updated here.