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AI GPU Platforms Drive 75% of SMCI's Revenues: More Upside Ahead?
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Key Takeaways
SMCI's AI GPU platforms generated over 75% of first-quarter fiscal 2026 revenues.
Super Micro Computer launched new liquid-cooled 4U and 2-OU systems, now ready for volume shipments.
SMCI expects revenues to rebound in the second quarter of fiscal 2026 after order delays
Super Micro Computer’s (SMCI - Free Report) AI servers are primarily optimized for NVIDIA’s HGX B300, B200, GB300 NVL72 and RTX PRO 6000 Blackwell server systems containing NVIDIA Blackwell GPUs for AI factories, large-scale AI labs, hyperscale and mega-cluster deployments.
Together, these AI GPU platforms contributed to more than 75% of SMCI’s first-quarter fiscal 2026 revenues. SMCI has now expanded its NVIDIA Blackwell-based GPU systems with two new liquid-cooled models, a full-size 4U rack system and a compact 2-OU (OCP) system, which are now ready for volume shipments.
SMCI integrated these two platforms into the broader portfolio of HGX B200, NVL72, and RTX PRO 6000 platforms for compact design, cooling efficiency, high GPU memory and networking throughput. SMCI’s 4U liquid-cooled NVIDIA HGX B300 system fits standard 19-inch racks and 2-OU (OCP) NVIDIA HGX B300 system can achieve up to 144 GPUs in a single rack.
Partnerships with vendors like NVIDIA and Advanced Micro Devices position Super Micro Computer to deliver the latest GPU-powered platforms, which remain in high demand among cloud providers and sovereign AI projects. Expansion in Europe, Asia and the Middle East also offers additional growth avenues.
SMCI faced a headwind in the form of revenue decline in the first quarter of fiscal 2026, which occurred not because of demand weakness but mainly due to a revenue shift from the September quarter to the December quarter due to last-minute configuration upgrades as requested by SMCI’s customers. These orders will be fulfilled in the upcoming quarter, resulting in strong revenue growth.
How Competitors Fare Against SMCI
Super Micro Computer competes with Dell Technologies (DELL - Free Report) and Hewlett Packard Enterprise (HPE - Free Report) in the AI and data center market.
Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.
Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.
SMCI’s Price Performance, Valuation and Estimates
Shares of Super Micro Computer have plunged 26.7% in the past six months against the Zacks Computer – Storage Devices industry’s growth of 68.1%.
SMCI 6 Month Performance Chart
Image Source: Zacks Investment Research
From a valuation standpoint, SMCI trades at a forward price-to-sales ratio of 0.47, lower than the industry’s average of 1.75.
SMCI Forward 12-Month (P/S) Valuation Chart
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 4.85% and 37.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised downward in the past 60 days.
Image: Bigstock
AI GPU Platforms Drive 75% of SMCI's Revenues: More Upside Ahead?
Key Takeaways
Super Micro Computer’s (SMCI - Free Report) AI servers are primarily optimized for NVIDIA’s HGX B300, B200, GB300 NVL72 and RTX PRO 6000 Blackwell server systems containing NVIDIA Blackwell GPUs for AI factories, large-scale AI labs, hyperscale and mega-cluster deployments.
Together, these AI GPU platforms contributed to more than 75% of SMCI’s first-quarter fiscal 2026 revenues. SMCI has now expanded its NVIDIA Blackwell-based GPU systems with two new liquid-cooled models, a full-size 4U rack system and a compact 2-OU (OCP) system, which are now ready for volume shipments.
SMCI integrated these two platforms into the broader portfolio of HGX B200, NVL72, and RTX PRO 6000 platforms for compact design, cooling efficiency, high GPU memory and networking throughput. SMCI’s 4U liquid-cooled NVIDIA HGX B300 system fits standard 19-inch racks and 2-OU (OCP) NVIDIA HGX B300 system can achieve up to 144 GPUs in a single rack.
Partnerships with vendors like NVIDIA and Advanced Micro Devices position Super Micro Computer to deliver the latest GPU-powered platforms, which remain in high demand among cloud providers and sovereign AI projects. Expansion in Europe, Asia and the Middle East also offers additional growth avenues.
SMCI faced a headwind in the form of revenue decline in the first quarter of fiscal 2026, which occurred not because of demand weakness but mainly due to a revenue shift from the September quarter to the December quarter due to last-minute configuration upgrades as requested by SMCI’s customers. These orders will be fulfilled in the upcoming quarter, resulting in strong revenue growth.
How Competitors Fare Against SMCI
Super Micro Computer competes with Dell Technologies (DELL - Free Report) and Hewlett Packard Enterprise (HPE - Free Report) in the AI and data center market.
Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.
Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.
SMCI’s Price Performance, Valuation and Estimates
Shares of Super Micro Computer have plunged 26.7% in the past six months against the Zacks Computer – Storage Devices industry’s growth of 68.1%.
SMCI 6 Month Performance Chart
Image Source: Zacks Investment Research
From a valuation standpoint, SMCI trades at a forward price-to-sales ratio of 0.47, lower than the industry’s average of 1.75.
SMCI Forward 12-Month (P/S) Valuation Chart
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 4.85% and 37.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised downward in the past 60 days.
Image Source: Zacks Investment Research
Super Micro Computer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.