Super Micro Computer's Second Chance At AI Monetization Appears Compelling

SMCI's second chance at AI monetization appears compelling, with the management's promising FQ4'25 guidance well-supported by the growing multi-year RPOs. Combined with the robust data center related spending trends and the diversified global manufacturing base, we believe that it remains well positioned to mitigate the tariff risks. This is significantly aided by SMCI's relatively cheap valuations and the stock's bullish uptrend momentum, with the worst seemingly well behind us.