$SUPER MICRO COMPUTER INC(SMCI

$SUPER MICRO COMPUTER INC(SMCI)$ The valuation disconnect here is getting hard to ignore.

Just looking at how the market is pricing these AI infrastructure names:

SMCI at roughly 8.2x forward P/E, $Dell Technologies Inc.(DELL)$ around 23.2x, $Hewlett Packard Enterprise(HPE)$ near 13.7x, $CoreWeave, Inc.(CRWV)$ with no meaningful positive P/E, and $NEBIUS(NBIS)$ at about 1,277x trailing with forward P/E not available.

SMCI trades at roughly one-third of Dell's forward earnings multiple while sitting directly in the heart of the AI server, rack-scale and liquid-cooling buildout.

The hardware industry median forward P/E is around 21.3x versus only about 8.2x for SMCI. That works out to roughly a 62% discount to the industry median.

SMCI also just guided FY27 revenue to $65B–$72B.

At even a 15x–20x forward multiple, the valuation conversation around SMCI changes dramatically.

This isn't about hype anymore. It's about the multiple.

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