$SUPER MICRO COMPUTER INC(SMCI)$ The valuation gap here is getting hard to ignore.
Looking at the P/E comparison:
SMCI: 11.85x trailing | 8.89x forward
HPE: 54.78x trailing | 15.13x forward
DELL: 39.23x trailing | 25.92x forward
CRWV: No meaningful P/E — unprofitable
NBIS: ~1,637x trailing
And then SMCI's fundamentals:
- $11.1B Q4 revenue
- ~93% YoY growth
- $1.70 adjusted EPS
- $65B–$72B FY27 revenue guidance
- ~$39B trailing revenue
Even with all that, the market is pricing SMCI at less than 9x forward earnings.
DELL's forward multiple is nearly 3x SMCI's. HPE's is roughly 70% higher.
That's the setup. SMCI doesn't need a CRWV/NBIS-style valuation to work. A rerating toward even HPE's forward multiple would represent roughly 70% multiple expansion, assuming earnings estimates hold.
The market has priced a massive risk discount into SMCI. If execution continues and that discount starts shrinking, the numbers leave plenty of room for upside.
$Dell Technologies Inc.(DELL)$ $Hewlett Packard Enterprise(HPE)$ $CoreWeave, Inc.(CRWV)$ $NEBIUS(NBIS)$
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