SMCI stock is the Nasdaq ticker for Super Micro Computer, Inc., a San Jose company that designs, builds and ships server and storage systems for AI data centers. Per its FY2026 Form 10-K, period ended June 30, 2026, net sales reached $39.1 billion.
What Super Micro actually builds
Super Micro’s core offering is what it calls Data Center Building Block Solutions, DCBBS, a modular system spanning GPUs, networking switches, complete racks, site infrastructure and management software. The 10-K describes it as a shift from server vendor to “total data center infrastructure provider.”
The FY2026 filing lists products compatible with NVIDIA’s Blackwell-generation platforms, including the GB300 NVL72, GB200 NVL72, and HGX B300 and B200 systems, air-cooled and liquid-cooled. It also disclosed early support for NVIDIA’s Vera Rubin platform and Intel Xeon 6 processors.
Super Micro runs its Silicon Valley operations from a San Jose headquarters, with additional manufacturing and engineering facilities in Taiwan, Malaysia and the Netherlands, per the 10-K’s properties disclosure. The filing also describes ongoing construction of a new business complex near the San Jose campus to support DCBBS production.
Video: Vinc88
Super Micro vs Hewlett Packard Enterprise
Both companies sell AI server and rack-scale hardware to the same hyperscaler and enterprise buyers, but their filing calendars and listings differ. Here is what each 10-K states.
| Category | Super Micro (SMCI) | Hewlett Packard Enterprise (HPE) |
|---|---|---|
| Product category (per 10-K) | AI server, storage and rack-scale infrastructure | Servers, hybrid cloud and networking infrastructure |
| Exchange listing | Nasdaq Global Select Market | New York Stock Exchange |
| Fiscal year end | June 30 | October 31 |
Where the revenue actually comes from
Super Micro’s customer base is concentrated. The FY2026 10-K states one customer accounted for 28.1% of total net sales that year. In FY2025, four customers together represented 20.9%, 11.5%, 11.3% and 11.1% of net sales, so the concentration pattern shifted from several large buyers to one dominant one.
International sales made up 29.1% of net sales in FY2026, down from 40.6% in FY2025 and up from 32.0% in FY2024, a swing the filing ties to where large AI data center customers deployed hardware that year rather than to any change in demand.
Gross margin compressed to 10.8% in FY2026, continuing a two-year decline shown below, even as gross profit rose to $4.23 billion on higher shipment volume. The filing attributes part of the FY2026 cost increase to a $237.7 million rise in tariff expense tied to new trade policy.
| Fiscal year (ended June 30) | Net sales | Gross margin |
|---|---|---|
| 2024 | $15.0 billion | 13.8% |
| 2025 | $22.0 billion | 11.1% |
| 2026 | $39.1 billion | 10.8% |
Where SMCI sits in the AI buildout
Super Micro is a components assembler, not a chip designer or a landlord. For the chip and networking layer above it, the AI infrastructure stocks list covers the broader picks-and-shovels category.
For the data centers housing this hardware, the AI data center stocks page covers who profits from the buildout, and the best data center stocks page covers the REITs and operators.
The risk the filing still flags
Super Micro’s own risk factors state it “previously identified material weaknesses in our internal control over financial reporting” and that remediation measures are still being implemented as of the FY2026 filing, rather than fully resolved.
The filing also flags reliance on “a limited number of suppliers for certain components,” a risk tied to the volume of GPU and networking parts it sources for rack-scale builds. Component shortages, the filing notes, could delay shipments or raise costs industry-wide, not just at Super Micro.
Frequently asked questions about SMCI stock
What does SMCI stock represent?
It is the Nasdaq Global Select Market ticker for the common stock of Super Micro Computer, Inc., a San Jose manufacturer of AI server, storage and rack-scale infrastructure that ships both air-cooled and liquid-cooled systems to data center customers worldwide.
Is Super Micro profitable?
Per its FY2026 10-K, the company posted gross profit of $4.23 billion on $39.1 billion in net sales, a 10.8% gross margin. That margin has narrowed each of the last two fiscal years, down from 11.1% in FY2025 and 13.8% in FY2024.
Does Super Micro depend on Nvidia?
Its FY2026 filing lists products built around NVIDIA’s Blackwell-generation GPUs, including the GB300 and GB200 NVL72 systems, in air-cooled and liquid-cooled configurations, and confirms early support for the upcoming Vera Rubin platform, alongside Intel Xeon 6 processor support for non-GPU workloads.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.