Here are 1-3 brief analogies for Super Micro Computer (SMCI):

• Dell for AI servers: Super Micro specializes in building high-performance server systems specifically optimized for Artificial Intelligence workloads and data centers, much like Dell is a general provider of enterprise servers.
• TSMC for NVIDIA's AI server systems: Similar to how TSMC is a critical, specialized manufacturer of chips for companies like NVIDIA, Super Micro is a crucial partner in designing and manufacturing the advanced server systems that house NVIDIA's powerful AI GPUs.

• Servers: A broad range of application-optimized server systems designed for AI, HPC, cloud, enterprise, and edge computing.
• Storage Systems: High-capacity and high-performance storage solutions for various data management needs.
• Workstations: Powerful computing systems tailored for professional graphics, engineering, and scientific applications.
• Server Building Block Solutions: A comprehensive portfolio of server components including motherboards, chassis, and power supplies, enabling customized server configurations.
• Rack Scale Integration: Pre-validated and fully integrated rack-level data center solutions for rapid deployment.

Major Customers of Super Micro Computer (SMCI)

Super Micro Computer (SMCI) primarily operates as a business-to-business (B2B) company, selling its advanced server, storage, and networking solutions to other companies and organizations rather than directly to individuals.

According to Super Micro Computer's public filings (e.g., its annual 10-K reports), the company does not have any single customer that accounts for 10% or more of its net sales. This indicates a diversified customer base across various industries and market segments.

However, based on the company's declared target markets and product offerings—especially its leadership in high-performance computing and AI-optimized servers—its major customers fall into the following categories. While specific named customer relationships are often confidential, these are the types of companies that are most likely to be significant buyers of Super Micro's products:

• Hyperscale Cloud Service Providers: These are companies that operate massive data centers globally to provide cloud computing services (IaaS, PaaS, SaaS) to millions of customers. They require vast quantities of servers and storage infrastructure.
  • Amazon.com, Inc. (for Amazon Web Services - AWS) (Symbol: AMZN)
  • Microsoft Corporation (for Microsoft Azure) (Symbol: MSFT)
  • Alphabet Inc. (for Google Cloud Platform - GCP) (Symbol: GOOGL)
• Large Enterprises and Data Centers: Businesses across diverse industries (e.g., financial services, manufacturing, telecommunications, healthcare, research) that operate their own significant data centers, private clouds, or need high-performance computing capabilities for internal operations, data analytics, and mission-critical applications. Due to the broad nature of this category and customer confidentiality, specific public company names are generally not disclosed by Super Micro.
• Artificial Intelligence (AI) / Machine Learning (ML) Companies and Research Institutions: Organizations at the forefront of AI development, large language model training, and machine learning research, which require specialized, high-density, and GPU-accelerated server systems.
  • Meta Platforms, Inc. (Symbol: META) (invests heavily in AI infrastructure for its various platforms and AI research)
  • Other leading AI startups and research organizations (often private)

• NVIDIA Corporation (NVDA)
• Intel Corporation (INTC)
• Advanced Micro Devices, Inc. (AMD)
• Micron Technology, Inc. (MU)
• Samsung Electronics Co., Ltd. (005930.KS)
• SK Hynix Inc. (000660.KS)

Charles Liang, Founder, President, Chief Executive Officer, Chairman of the Board

Charles Liang co-founded Super Micro Computer in September 1993 with his wife Sara Liu and Wally Liaw. He has served as President, Chief Executive Officer, and Chairman of the Board since the company's inception. Before founding Supermicro, Mr. Liang was President and Chief Design Engineer of Micro Center Computer Inc., a high-end motherboard design and manufacturing company, from July 1991 to August 1993. From January 1988 to April 1991, he served as Senior Design Engineer and Project Leader for Chips & Technologies, Inc., a chipset technology company, and Suntek Information International Group, a system and software development company. Mr. Liang is also the founder and CEO of the Green Earth Foundation, an environmental nonprofit.

David Weigand, SVP, Chief Financial Officer

David Weigand was appointed Senior Vice President and Chief Financial Officer of Super Micro Computer in February 2021, having previously served as Senior Vice President and Chief Compliance Officer since May 2018. Prior to joining Supermicro, Mr. Weigand was a Vice President at Hewlett Packard Enterprise (HPE) from November 2016 to April 2018. He served as Vice President, Tax at Silicon Graphics International, Inc. from September 2013 until its acquisition by HPE in November 2016. Before that, he was Vice President, Chief Financial Officer of Renesas Electronics America from October 2010 to April 2013, a semiconductor company formed by the merger of the semiconductor businesses of NEC Corporation, Hitachi, and Mitsubishi Electric. He also held the role of Vice President, Controller of NEC Electronics America from October 2004 to September 2010.

Sara Liu, Co-Founder, Senior Vice President, and Director

Sara Liu co-founded Super Micro Computer in September 1993 with Charles Liang, her husband.

Wally Liaw, Co-Founder, Senior Vice President, Business Development & Director

Wally Liaw co-founded Super Micro Computer in 1993. From June 2020 until April 2021, Mr. Liaw was the president of 2CRSi Corporation, a company in Strasbourg, France, that develops, produces, and sells high-performance customized servers. Earlier in his career, from 1988 to 1991, Mr. Liaw was Vice President of Engineering at Great Tek, a computer company.

Don Clegg, Senior Vice President, Worldwide Sales

Don Clegg joined Super Micro Computer in April 2006. He has over 35 years of experience in sales, marketing, product engineering, and design. Mr. Clegg began his career as a Design Engineer and has held positions at several Silicon Valley system and semiconductor companies, including Chips and Technologies, OPTi, and Tyan Computer Corporation.

The increasing vertical integration of AI hardware ecosystems, particularly the emergence of specialized AI accelerators (such as ASICs and FPGAs) that are sold as fully integrated, vendor-specific systems directly to customers, potentially bypassing traditional server manufacturers like Super Micro Computer. While Supermicro excels at building highly customizable servers around general-purpose GPUs (like NVIDIA's), a significant market shift towards these highly optimized, purpose-built AI systems, often delivered as complete appliances or cloud services by the chip developers themselves (e.g., Google's TPUs, AWS's Inferentia/Trainium, or offerings from companies like Groq or Cerebras), could diminish the demand for Supermicro's component-based server integration model in those segments. This represents a potential disruption similar to how a new, integrated platform or service can displace a more modular or traditional offering.

Super Micro Computer (SMCI) primarily focuses on high-performance and high-efficiency server and storage solutions, particularly catering to enterprise data centers, cloud computing, artificial intelligence (AI), 5G, and edge computing markets.

A significant addressable market for Super Micro Computer's main products, especially their AI servers, is driven by the demand for AI chips in data centers. AMD CEO Lisa Su projects this total global market to expand substantially, growing from $45 billion to $400 billion by 2027.

The company is also heavily involved in advanced liquid-cooling solutions for data centers, a segment expected to be adopted by an estimated 30% of new data center space.

Super Micro Computer (SMCI) is positioned for significant revenue growth over the next 2-3 years, driven by several key factors:

1. Growing Demand for AI and Accelerated Computing Infrastructure, Fueled by Strategic Partnerships and Product Innovation: The explosion in AI applications has sharply increased the need for high-performance servers, a core offering of Super Micro Computer. The company is strategically positioned to capitalize on this trend by integrating cutting-edge GPUs from NVIDIA and new processors from Intel into its server systems. This continuous product innovation and deep collaboration with technology leaders enable Super Micro to deliver advanced solutions that meet the evolving demands of AI and accelerated computing, leading to sustained demand for their products.
2. Advancements and Adoption of Liquid Cooling Technology: As AI servers become more powerful and generate more heat, efficient cooling solutions are critical. Super Micro is a leader in direct liquid cooling (DLC) technology, which the CEO expects to see vast growth in adoption. This technology is essential for managing high-wattage AI racks and improving power efficiency in data centers, providing a competitive advantage and a significant growth avenue for the company. Super Micro expects liquid cooling to be installed in a substantial percentage of its shipped racks in the coming years.
3. Expansion into Edge Computing and New Market Segments: Super Micro is actively expanding its footprint into emerging markets, including edge computing environments and the federal government sector. The company is developing specialized AI solutions for edge locations, enabling real-time data processing closer to the source. Furthermore, the establishment of Super Micro Federal LLC signifies a strategic move to serve U.S. federal government agencies with high-performance, domestically manufactured AI infrastructure solutions, opening up new significant revenue streams.
4. Increased Global Production Capacity: To meet the skyrocketing worldwide demand for AI technology, Super Micro is significantly increasing its production capacity. The company is boosting its server manufacturing capabilities in the U.S. and Europe. This strategic expansion allows Super Micro to better serve both domestic and international markets, reduce lead times, and capitalize on the growing global demand for its server solutions.

Share Repurchases

• In August 2020, Super Micro Computer authorized a stock repurchase program of up to $30 million of its common stock, effective until December 31, 2020.
• In June 2025, the company announced a share repurchase program to buy back up to 4,900,000 shares for $200 million, utilizing proceeds from a convertible notes offering.
• Concurrently with a June 2025 convertible notes offering, Super Micro Computer purchased approximately $200 million in shares of its common stock from purchasers of the notes.

Share Issuance

• In March 2024, Super Micro Computer priced a secondary public offering of 2,000,000 shares of its common stock at $875.00 per share, with expected gross proceeds of $1.75 billion before deductions.
• In June 2025, the company announced and closed a private offering of $2.3 billion aggregate principal amount of convertible senior notes due 2030. The net proceeds, approximately $1.96 billion (or up to $2.26 billion if an option to purchase additional notes was fully exercised), are intended for general corporate purposes including working capital, manufacturing capacity expansion, and R&D investments.
• In June 2025, stockholders approved an amendment to the company's 2020 Equity and Incentive Compensation Plan, increasing the total shares available for awards to 103 million, including 18 million newly approved shares.

Capital Expenditures

• Super Micro Computer's capital expenditures peaked at $116 million in fiscal year 2024 (ended June) and were $108 million in fiscal year 2025.
• For fiscal year 2026, anticipated capital expenditures are projected to be in the range of $180.0 million to $200.0 million.
• These capital expenditures are primarily focused on global manufacturing capabilities, including tooling for new products, investments in information technology, and facilities upgrades and expansion.