📌 슈퍼마이크로컴퓨터(SMCI) 2Q23 코멘트
: https://news.1rj.ru/str/allbareun

0. 맥락상 엔비디아 GPU 공급 문제 같지는 않음

1. SMCI는 1Q23에도 AI 서버향 핵심부품부족을 언급했음, 다만 1Q 당시 이제는 부품 가용성 개선되며 AI/GPU 시스템 출하량 늘릴 수 있다고 했었고 4월부터 좋아지는 걸 보고 있다고 했어서 기대했는데 AI 수요랑 발맞출 수 있는 정도는 아닌 듯 (여길 Miss)

2. Non-AI가 안 좋고, AI가 좋으니 SMCI 매출비중에서 AI GPU, 랙 솔루션이 차지하는 비중은 1Q23 29% → 2Q23 52%까지 올라감

3. 가이던스는 2Q23 매출 $2.18B → 3Q23 $1.9~2.2B(중간값 2.05B)로 QoQ -6% / YoY 11%. FY2024 (3Q23~2Q24)의 경우 매출 $9.5~10.5B vs 컨센 $6.9B. 컨센상회이지만 부품 공급망 개선에 따른 서프기대가 더 높았던듯

> 직전분기 1Q23 어닝콜 中 : "어 좀 좋아지나?"

- These new AI product demands from top-tier companies have led us to challenges in terms of new key components availability.
- Compounded with the economic headwind, our Q3 results were reflective of these difficult yet opportune conditions. The good news is that we have already started to address these component shortage pressures over the past few months and we are in a much-improved situation going forward. We have started to produce and ship some back orders since April.

> 현재분기 2Q23 어닝콜 中 : "아니네"

- We note that our shipments against a record backlog may continue to be constrained by supply-chain bottlenecks for key new components for our advanced AI server platforms. Q4 results were driven by our high-growth AI GPU and rack-scale solutions, which represented 52% of our total revenues