Super Micro Computer
SMCIQ4 2023(SMCI Q1 FY2024)Estimated35% AI
AI Revenue %
35%
AI Fair Value
$1.6B
AI Revenue (Q)
$1.3B
Total Revenue (Q)
$3.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2024 (Sep 2023) revenue was $2,120M, up 14.4% YoY. The revenue increase was modest but SMCI was building massive inventory ($2.05B, up from $1.45B at June 2023) -- a clear signal of upcoming AI shipment ramp. The filing language shifted to note SMCI is a provider of 'accelerated compute platforms.' The 14.4% YoY growth understates AI momentum because the prior year comp (Q1 FY2023) was already strong. Gross margin declined to 16.7% from 18.8%, consistent with lower-margin GPU server builds (GPU costs dominate BOM). Inventory build of $607M in one quarter signals massive AI server backlog. Estimate 35% AI. ~$742M AI / $2,120M total = ~35%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales increased by 14.4% in the three months ended September 30, 2023 as compared to the three months ended September 30, 2022
10-Q Q1 FY2024, MD&A Financial Highlights
Gross margin decreased to 16.7% in the three months ended September 30, 2023 from 18.8% in the three months ended September 30, 2022
10-Q Q1 FY2024, MD&A Financial Highlights
AI Products Identified (Ring 1)
GPU server systemsNVIDIA GPU-based serversAI-optimized rack-scale solutions
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
accelerated compute platformsserver sub-systemsfull rack scale solutions
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix