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SMCI: Everyone's Bullish Again — The Numbers Say Otherwise
Super Micro Computer is trending on social media again. Before you follow the hype, here's what the actual numbers say.
CSI breaks down SMCI's most recent quarter using fiscal.ai data — gross profit margin below 11% and guided to stay near the trough, rising revenue with stagnant operating profit, and free cash flow that has been negative for most of the company's history. We also unpack the $7 billion equity and equity-linked financing raise from June 2026, the new SMCIP preferred stock paying a 7% dividend, and what that means for where common shareholders sit in the pecking order for…
The skinny
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