Super Micro J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Super Micro J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Super Micro Neutral

SMCI, SMCI US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$31.04

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Manmohanpreet Singh

(1-212) 622-4527

We hosted a fireside chat with Michael Staiger, Senior Vice President of Corporate manmohanpreet.singh@jpmchase.com

Development, at our 54th annual J.P. Morgan Global TMC Conference. Our key Joseph Cardoso

takeaways include: (1-212) 622-9036

joseph.cardoso@jpmchase.com

• Positioned to cater robust TAM across the AI infrastructure Marc Vitenzon

market. Management framed the company's evolution from servers to racks (1-212) 622-3342

to full data center building blocks (DCBs), encompassing compute, cooling, marc.vitenzon@jpmchase.com

power, networking, and software/services, as a natural extension of its Akanksh Chauhan

customer-first approach. Based on the near-term market size of $2-4 trn, and (1-212) 622-0045

8-9% market share, the implied revenue opportunity is closer to ~$200 bn over akanksh.chauhan@jpmorgan.com

time. The key differentiator in comparison with Dell/HPE is co-location with J.P. Morgan Securities LLC

platform providers (Nvidia, AMD, ARM, Intel), enabling real-time co-design

without outsourcing engineering or manufacturing.

• Increasing mix of DCBBS to help support margin expansion towards

double digits. DCBBS commands ~20% gross margins layered on top of

existing rack-level margins, and increasing the overall mix of DCBBS should

help support a meaningful change in gross margins towards double-digit

percentages. While the FQ3 gross margin beat was attributed to a combination