AI servers & racks · NVIDIA Blackwell integration
Super Micro
An AI-server integrator that packages NVIDIA GPU racks into finished systems; 70%+ of revenue is tied to NVIDIA Blackwell (B200, GB200 NVL72) — effectively Blackwell allocation sets the revenue ceiling. The jump from FY2025 revenue of $22B (+47%) toward FY2026 guidance of $33B rests on its ability to volume-produce direct-liquid-cooled (DLC) racks at ~2,000/month, the axis that separates Super Micro from commodity EMS. Since the business is assembly and integration rather than IP, the number to watch is margin and the concentration at both ends — NVIDIA upstream and hyperscalers downstream — not headline revenue.
Business categories AI Server OEMs · AI Compute Infrastructure · primary
SMCI Updated Jul 12, 2026 6 AI consumers· 4 recurring
Per the valuechain.wiki graph, Super Micro is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 64 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $22B (+47%)
- Customer concentration · NVIDIA platforms 70%+ of revenue.
- Segments · AI servers/racks · Liquid cooling (DLC)
Revenue from
- hyperscalers · AI cloud (undisclosed) Medium confidence· Amount $22B · Super Micro FY2025 매출(+47%)
AI clouds like Lambda build 'AI factories' on Blackwell clusters, ordering liquid-cooled racks in volume — DLC capacity is what pulls this demand to Super Micro.Confirms KO Digital Today Published Sep 1, 2025: Supermicro unveils DLC supercluster for NVIDIA BlackwellConfirms KO ZDNet Korea Published Aug 25, 2025: Lambda builds AI factory on Supermicro NVIDIA Blackwell servers - Microsoft Medium confidence· Amount $22B · Super Micro FY2025 매출(+47%)
AI servers to Microsoft — Azure build-outs convert into backlog, illustrating dependence on a few large hyperscalers.Confirms KO ZDNet Korea Published Aug 25, 2025: Lambda builds AI factory on Supermicro NVIDIA Blackwell servers - Meta Platforms Medium confidence· Amount $22B · Super Micro FY2025 매출(+47%)
AI servers to Meta — a channel benefiting from Meta's expanding in-house AI infrastructure spend.Confirms KO ZDNet Korea Published Aug 25, 2025: Lambda builds AI factory on Supermicro NVIDIA Blackwell servers - enterprise AI (undisclosed) Medium confidence· Revenue ~$22B · 2025 · FY2025 revenue
Supplies enterprise on-prem AI infrastructure — the base demand under FY2025 revenue of $22B (+47%). Deal sizes are smaller than hyperscalers' but broaden the customer base. - CoreWeave Medium confidence· Amount $22B · Super Micro FY2025 매출(+47%)
AI servers to CoreWeave — a high-growth channel representing emerging AI-native (neocloud) demand.Mentions EN Analyst consensus Published Apr 1, 2026: Super Micro (SMCI) analyst consensus — Hold, avg target ~$37Confirms KO ZDNet Korea Published Aug 25, 2025: Lambda builds AI factory on Supermicro NVIDIA Blackwell servers
Pays to
- NVIDIA High confidence· Amount $22B · Super Micro FY2025 매출(+47%)
70%+ of revenue is tied to NVIDIA GPUs/platforms, so Blackwell allocation is effectively Super Micro's revenue ceiling. With no alternative source, both cost and supply hinge on NVIDIA.Confirms KO ZDNet Korea Published Aug 25, 2025: Lambda builds AI factory on Supermicro NVIDIA Blackwell servers - memory · HBM (SK · Samsung · Micron) Medium confidence· Amount $22B · Super Micro FY2025 매출(+47%)
Sources server DRAM/HBM from SK, Samsung and Micron — a major slice of rack cost and the channel through which memory pricing and HBM supply pass straight into Super Micro's margin.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| CoreWeave | lead1 | · | · | · | · | · | +14.6 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Super Micro | node | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +43 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +280.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +236.2 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +191.3 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +105.7 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +85.3 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +69.4 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +61.9 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +53.7 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +49.7 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +34.5 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +29.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +8.4 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | +6.6 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +2.8 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -3 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | -7.4 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-10-09 · source: Yahoo Finance
Super Micro operates across Nasdaq, AI servers/racks, NVIDIA Blackwell integration. It is +35.3% in 2026. Demand side (avg +7.5%), the stock (+35.3%) and supply side (avg +23.7%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is CoreWeave (+24.8%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Since the business is assembly and integration rather than IP, the number to watch is margin and the concentration at both ends — NVIDIA upstream and hyperscalers downstream — not headline revenue.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 1 · Avg. target $38 · Price $41.855 (10-09) · Upside -9%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| GF Securities · Jeff Pu | Buy | $48 | Jun 22, 2026 | Report ↗ |
| Mizuho Securities · Vijay Rakesh | Neutral | $44 | Jun 1, 2026 | Report ↗ |
| Goldman Sachs · Katherine Murphy | Sell | $30 | May 12, 2026 | Report ↗ |
| Citigroup · Asiya Merchant | Neutral | $31 | May 6, 2026 | Report ↗ |
Upgraded Hold→Buy, $48 target (55%+ upside); the $7B equity-raise selloff was overdone, funding a ~$39B AI-server backlog with margins easing as production scales.
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