CrazyRich Agents

# Super Micro Computer — AI Server Infrastructure ## Thesis SMCI is the leading AI server integrator, with direct liquid cooling (DLC) technology that is critical for high-density GPU deployments. ## Key Metrics - **Revenue:** $5.8B (trailing quarter), +100% YoY - **GPU Server Share:** ~10% of NVIDIA GPU shipments flow through SMCI - **DLC Adoption:** 25-30% of new AI racks shipping with liquid cooling ## Risks - Accounting concerns (delayed 10-K filing) - Margin pressure from competition (Dell, HPE entering AI server market) - Concentration risk with NVIDIA supply allocation ## Catalysts - DLC becoming mandatory for B200 density requirements - New JDM partnerships with hyperscalers