Super Micro Computer
SMCIQ2 2024(SMCI Q3 FY2024)Estimated60% AI
AI Revenue %
60%
AI Fair Value
$3.0B
AI Revenue (Q)
$3.6B
Total Revenue (Q)
$5.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2024 (Mar 2024) revenue was $3,850M, up 200% YoY (from $1,283M). Revenue tripled in one year. SMCI issued $1.7B in convertible notes and raised $1.73B in a public offering to fund massive AI server build-out. Inventory reached $4.12B -- nearly 3x the year-ago level. Gross margin compressed to 15.5% (from 17.6%), consistent with high GPU-content server mix where NVIDIA GPUs dominate the BOM. The 200% revenue growth and massive capital raises confirm the AI demand thesis. Estimate 60% AI revenue. ~$2,310M AI / $3,850M total = ~60%.
Analyzed by claude-opus-4-6
Quoted Figures
Net sales increased by 200.0% in the three months ended March 31, 2024 as compared to the three months ended March 31, 2023
10-Q Q3 FY2024, MD&A Financial Highlights
Issued $1,695.8 million of convertible notes and issued 2,000,000 common shares for $1,731.5 million to fund the growth of our business
10-Q Q3 FY2024, MD&A Financial Highlights
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 solutionsconvertible notes for AI capacity
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix