# Super Micro (SMCI)
> 엔비디아 GPU 기반 AI 서버·랙의 최대 공급사 중 하나. FY2025 매출 $220억(+47%), FY2026 가이던스 $330억. 엔비디아 블랙웰(B200·GB200 NVL72) 시스템이 매출의 70% 이상. 직접 액체냉각(DLC)으로 AI 데이터센터 랙을 월 2000대 규모 양산.
Canonical: https://valuechain.wiki/super-micro · Updated: 2026-06-21T15:58:00.432175+00:00 · Source: ValueChain.wiki (refined facts, cited)

## Financials & segments
- 총매출: FY2025 매출 $22B (+47%)
- 고객 집중도: 엔비디아 플랫폼이 매출 70%+.
- 사업부문: AI 서버·랙, 액체냉각(DLC)

## Annual stock return (as of 2026-06-18)
- 2021: +38.8%
- 2022: +86.8%
- 2023: +246.2%
- 2024: +7.2%
- 2025: -4%
- 2026 YTD: +4.7%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-06-18)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Super Micro | node | +38.8% | +86.8% | +246.2% | +7.2% | -4% | +4.7% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.3% | +38.9% | +13.1% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +408.4% |
| Micron Technology | benef2 | +24.1% | -46% | +72.1% | -1% | +240.5% | +297.6% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +204.7% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +199% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +155.7% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +151.9% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +150.7% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +125% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +121% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +111.1% |
| Monolithic Power | benef2 | +35.5% | -27.9% | +79.9% | -5.6% | +54.5% | +73.2% |
| TSMC | benef2 | +12.1% | -36.8% | +42.5% | +92.9% | +56% | +53.3% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +713.6% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +370.1% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +367% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +302% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +198.2% |
| Kulicke & Soffa | benef3 | +92.6% | -25.9% | +25.5% | -13.3% | -0.3% | +170% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +168.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +163.6% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +49% | +59.1% | +25.1% | +154.3% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +148.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +140.7% |
| 램리서치 | benef3 | +53.7% | -40.8% | +88.8% | -6.9% | +139.5% | +128.1% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +126.4% |
| GlobalWafers | benef3 | +27.3% | -30.3% | +14.4% | -38.9% | +51% | +123.3% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +114.2% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +112.5% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +111.4% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +105.5% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +105.5% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +102.3% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +100% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +89.5% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +86.3% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +84.1% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +83.5% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +82.2% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +81% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +71.9% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +70.5% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +67.8% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +52.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +51.4% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +50.8% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +43.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +43.1% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +40.2% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +36.4% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +29.8% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +29% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +25.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +24.6% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +23.9% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +23.4% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | +21.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | +7.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | +5.1% |
| 유진테크 | benef3 | -33.1% | -48.7% | -3.7% | -3.3% | +25.7% | -1.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -3% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -3.6% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -5.1% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -12.6% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -13.3% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -13.9% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -15.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -24.6% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -33.6% |

## Money in · revenue from (2)
### 엔터프라이즈 AI (비공개) (mid)
- metric: 매출 ~$22B · 2025 · FY2025 매출
- note: 기업 온프레미스 AI 인프라 공급.
- [confirms] SEC EDGAR (EN, filing, published 2025-05-06) https://www.sec.gov/Archives/edgar/data/1375365/000137536525000013/exhibit991_20250506.htm: "FY2025 매출 $220억(+47%)."

### 하이퍼스케일러·AI 클라우드 (비공개) (mid)
- note: CSP·AI 클라우드에 액체냉각 AI 랙 공급.
- [confirms] 디지털투데이 (KO, news, published 2025-09-01) https://www.digitaltoday.co.kr/news/articleView.html?idxno=542708: "람다 등 AI 클라우드가 슈퍼마이크로 블랙웰 클러스터로 AI 팩토리 구축."
- [confirms] 지디넷코리아 (KO, news, published 2025-08-25) https://zdnet.co.kr/view/?no=20250825231006: "람다 등 AI 클라우드가 슈퍼마이크로 블랙웰 클러스터로 AI 팩토리 구축."

## Money out · pays to (2)
### NVIDIA (high)  → /nvidia.md
- note: 엔비디아 GPU·플랫폼 조달(매출의 70%+ 연동).
- [confirms] 지디넷코리아 (KO, news, published 2025-08-25) https://zdnet.co.kr/view/?no=20250825231006: "엔비디아 블랙웰 시스템이 SMCI 매출의 70% 이상."
- [confirms] SEC EDGAR (EN, filing, published 2025-05-06) https://www.sec.gov/Archives/edgar/data/1375365/000137536525000013/exhibit991_20250506.htm: "엔비디아 블랙웰 시스템이 SMCI 매출의 70% 이상."

### 메모리·HBM (SK·삼성·마이크론) (mid)
- note: AI 서버용 DRAM·HBM 조달.
- [confirms] SEC EDGAR (EN, filing, published 2025-05-06) https://www.sec.gov/Archives/edgar/data/1375365/000137536525000013/exhibit991_20250506.htm: "AI 서버에 대용량 메모리·HBM 탑재."

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