Can Leading AI Chip Collaborations Help SMCI Challenge HPE & DELL?

Super Micro Computer SMCI leads the AI infrastructure space by enabling customers with early availability of new AI systems as a competitive advantage. In fourth-quarter fiscal 2026, the company was shipping volume products across NVIDIA’s NVDA GB300 NVL72, HGX B300, B200 NVL4 and NVIDIA  RTX 6000 Pro lines.

SMCI is also preparing systems based on the NVIDIA Vera Rubin and Vera CPU platforms. With Advanced Micro Devices, Super Micro Computer launched the Helios product line and MI450 Total Solution while continuing to support MI350 and MI355X systems. SMCI is also shipping platforms like Intel Xeon 6+, developing systems for ARM-based AGI processors.

SMCI continues to frame time-to-market as a core differentiator. The company’s broad support across multiple processor ecosystems gives customers more deployment choices and can help the company participate in successive AI platform transitions. SMCI is also pursuing factory automation, design optimization and standardized building blocks to raise manufacturing yields and streamline logistics.

Super Micro Computer is moving beyond stand-alone servers toward complete Data Center Building Block Solutions. DCBBS integrates GPU and CPU servers, enterprise storage, direct liquid cooling, power infrastructure, high-speed switches, networking, data-center management software and lifecycle services.

Rising rack density is increasing the importance of advanced cooling in AI data centers, and Super Micro Computer continues to expand direct liquid-cooling capabilities. Its fiscal 2027 capacity plan calls for more than 6,000 racks per month, including over 3,000 direct liquid-cooled racks. These factors make SMCI a major player in the AI infrastructure space.

How Competitors Fare Against SMCI

SMCI is at a crossroads with major players like Hewlett Packard Enterprise HPE and Dell Technologies DELL. Hewlett Packard Enterprise and NVIDIA have expanded their collaboration to provide enterprises with an integrated AI infrastructure portfolio spanning hardware, software and cloud management to scale generative AI, agentic AI and high-performance computing workloads.

At the core of the collaboration is HPE AI Factory with NVIDIA, a turnkey AI infrastructure solution that combines HPE's compute, storage, networking and GreenLake platform with NVIDIA's GPUs, CPUs, networking technologies and AI Enterprise software. The integrated offering allows enterprises to build and manage AI environments through a unified platform.

Dell Technologies, meanwhile, is pursuing a broader ecosystem strategy through its Dell AI Factory with NVIDIA. Rather than focusing solely on servers, Dell is expanding across compute, storage, networking, automation and software. Dell recently introduced PowerEdge R9822 and M9822 servers powered by NVIDIA Vera CPUs for Agentic AI workloads.

SMCI’s Price Performance, Valuation and Estimates

Shares of Super Micro Computer have gained 27.8% year to date compared with the Zacks Computer – Storage Devices industry’s growth of 244.3%.

SMCI YTD Performance Chart

Image Source: Zacks Investment Research

From a valuation standpoint, SMCI is trading at a discount at a forward 12 Month P/S multiple of 0.35X compared with the industry’s P/S multiple of 3.13X.

SMCI Forward 12-Month (P/S) Valuation Chart

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2027 earnings implies a year-over-year decline of 4.13%. Estimates for fiscal 2026 earnings have been revised upward in the past 30 days.

Image Source: Zacks Investment Research

Super Micro Computer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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