SSMCISuper Micro Computer, Inc.

Super Micro assembles servers built to a customer's specification — a business of large turnover and thin margins.

The company designs and assembles server systems, including liquid-cooled racks for model-training accelerators. Its key advantage is speed: new configurations ship earlier than from large equipment makers, which attracts buyers at moments when access to accelerators matters more than price.

The economics are fundamentally different from a chip designer's: bought-in components make up most of a server's cost, so margins are thin and revenue depends heavily on accelerator and memory availability. Working capital requirements are large — components are purchased ahead.

A distinct risk here is governance quality: delayed filings and an auditor change have already produced sharp moves in the stock independent of business performance. The company pays no dividend.