$SMCI · Meet Kevin · 2026-11-04
SMCI 存在客户集中风险：单一大型数据中心客户占季度营收的 44%。作为对冲，说话者认同 Bloomberg Intelligence 的看法，即数据中心资本开支不会放缓，且美国以外的繁荣才刚刚开始。对 SMCI 没有明确的买入或卖出立场。
逐段跳播
Super Micro Computers，我们今天早上在面向课程会员的直播里分析过它。在谈 Super Micro 之前，我先道个歉。
Super Micro Computers, we analyzed it this morning in the live broadcast for course members. I apologize before I talk about Super Micro.
不过，Bloomberg Intelligence 告诉我们——接下来我们转到 SuperMicro——数据中心的资本支出不会放缓。它可能只是转移到另一个地方，但不会放缓。我完全同意，这种无稽之谈就应该在低位买入。
However, Bloomberg Intelligence tells us, and we'll move on to SuperMicro, that capital expenditures for data centers are not going to slow down. It may simply move to another location, but it will not slow down.
I completely agree, this nonsense should be bought when it's low.
现在说说今天早上的 Super Micro PC，我不想把这些全都展示出来，但这一行很有用，值得分享。我们今天早上在面向课程会员的直播里把这些都过了一遍，这一行非常有意思。看看这个。
虽然美国仍然是大规模数据中心的最大市场，但我们看到其他地区也出现了增长势头，因为大客户正在全球扩张，而且各国政府和公司计划在欧洲、亚洲和中东出资建设大型 AI 数据中心。本季度，一个大客户占到了营收的44%。
换句话说，这里存在一些集中度风险。但关键在于，我们在美国数据中心看到的这轮热潮，对世界其他地区来说，实际上才刚刚开始。
Now, regarding Super Micro PCs this morning, I don't want to show all of this, but this line is useful and worth sharing. We reviewed all of this this morning in the live broadcast for course members, and this line was very interesting.
Take a look at this. While the United States remains the largest market for large-scale data centers, we are seeing growth momentum in other regions as large customers expand globally, and governments and companies plan to fund large AI data centers in Europe, Asia, and the Middle East .
In this quarter, one large data center customer accounted for 44% of revenue. Well, to put it another way, there are some risks associated with concentration. But the key point is that the boom we're seeing in American data centers is literally only just beginning for the rest of the world.