SMCIISSMCI is still priced like the AI boom is passing it by.

Look at the valuation comparison:

SMCI — roughly 8.6x forward P/E and around 0.6x sales

$Hewlett Packard Enterprise(HPE)$  — roughly 13.4x forward P/E and around 1.8x sales

$Dell Technologies Inc.(DELL)$  — roughly 23.6x forward P/E and around 2.3x sales

$CoreWeave, Inc.(CRWV)$  — no meaningful P/E, around 6.2x sales

The bigger part is SMCI's FY2026 10-K is filed.

That removes one of the biggest uncertainty overhangs around SMCI, while the company keeps generating enormous AI infrastructure revenue.

FY2026 revenue: roughly $39.1B

TTM net income: roughly $2.2B

Market cap: only about $24B

SMCI is trading at about one-third of Dell's forward earnings multiple and a fraction of CoreWeave's sales multiple, while already profitable and deeply embedded in the $NVIDIA(NVDA)$  / $Advanced Micro Devices(AMD)$  AI infrastructure ecosystem.

If the 10-K helps restore confidence and Wall Street simply rerates SMCI toward a 15x to 20x earnings multiple, the upside could be substantial.

The numbers are filed. The AI demand is real. The valuation gap is massive.

Not waiting for Wall Street to point it out after the rerating.