Super Micro Computer
SMCIQ1 2024(SMCI Q2 FY2024)Estimated50% AI
AI Revenue %
50%
AI Fair Value
$2.3B
AI Revenue (Q)
$1.9B
Total Revenue (Q)
$3.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2024 (Dec 2023) revenue was $3,665M, up 103.2% YoY -- a massive acceleration. This is where the AI revenue explosion becomes unmistakable. Revenue nearly doubled in a single year, and SMCI's traditional enterprise business does not grow at this rate. Inventory surged to $2.47B. SMCI raised $583M in a public equity offering to fund growth. The filing still provides no AI-specific revenue breakdown, but the sheer magnitude of revenue growth -- from $1.8B to $3.7B in a year -- is overwhelmingly driven by AI GPU server demand. Conservative estimate of 50% AI revenue. ~$1,832M AI / $3,665M total = ~50%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales of $3,664,924 thousand for three months ended December 31, 2023 vs $1,803,195 thousand for three months ended December 31, 2022
10-Q Q2 FY2024, Income Statement
Issuance of common stock in a public offering, net of issuance costs 2,315,105 shares for $582,804 thousand
10-Q Q2 FY2024, Stockholders Equity
AI Products Identified (Ring 1)
NVIDIA GPU server systemsAI-optimized rack-scale solutionsGPU server clusters
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 platformsfull rack scale solutionsserver management software
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix