Super Micro Computer, Inc.

Super Micro builds the servers that many AI data centers are made of, and that put a once-obscure hardware maker at the center of the boom. The company designs and assembles high-performance systems, increasingly the racks packed with Nvidia GPUs that companies use to train and run AI models, and its ability to deliver custom, liquid-cooled configurations quickly made it a favored supplier as demand exploded. Founded in 1993 and based in San Jose, California, Supermicro rode the AI wave to enormous revenue growth. But the story has been turbulent: the stock has swung violently on accounting concerns, a delayed financial filing and questions about its margins, which sit thin because server assembly is a competitive, commoditized business. For investors it is a high-risk, high-reward way to play AI infrastructure, tied tightly to Nvidia's fortunes and to whether the company can keep its house in order.

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