{"id":408,"date":"2026-11-04T09:05:42","date_gmt":"2026-11-04T00:05:42","guid":{"rendered":"https:\/\/www.arphile.net\/?p=408"},"modified":"2026-11-04T09:05:45","modified_gmt":"2026-11-04T00:05:45","slug":"261104-%ec%8a%88%ed%8d%bc%eb%a7%88%ec%9d%b4%ed%81%ac%eb%a1%9c%ec%bb%b4%ed%93%a8%ed%84%b0smci-q1-fy27-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=408","title":{"rendered":"[261104] \uc288\ud37c\ub9c8\uc774\ud06c\ub85c\ucef4\ud4e8\ud130(SMCI) Q1 FY27 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-style-plain is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\ucc38\uace0\uc0ac\ud56d : \uc288\ud37c\ub9c8\uc774\ud06c\ub85c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \ub9e4\ucd9c 4\ubc30, \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, \ub9c8\uc9c4\uc740 AI \ube44\uc911 \ud655\ub300\ub85c \ud558\ub77d<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$199\uc5b5 (+298% YoY, +79% QoQ)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc6d0\ub798 \uac00\uc774\ub358\uc2a4 $145\uc5b5~155\uc5b5\uc744 \ud06c\uac8c \ub118\uc5c8\uace0, 10\uc6d4 \uc608\ube44 \ubc1c\ud45c($185\uc5b5~195\uc5b5)\ub3c4 \ub118\uc74c<\/li>\n\n\n\n<li>\uc774 \uc911 \uc57d <strong>$23\uc5b5\uc740 \uc774\uc804 \ubd84\uae30\uc5d0\uc11c \ubc00\ub9b0 \ub0a9\ud488\uc774 \ubc18\uc601\ub41c \uac83<\/strong>. \uc774\ub97c \ube7c\uba74 \uc2e4\uc9c8 \ub9e4\ucd9c \uc57d $176\uc5b5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Non-GAAP EPS <strong>$1.81<\/strong> (\uac00\uc774\ub358\uc2a4 $1.01~1.10)<\/li>\n\n\n\n<li><strong>FY27 \uc5f0\uac04 \ub9e4\ucd9c \uac00\uc774\ub358\uc2a4 $720\uc5b5~820\uc5b5<\/strong>\uc73c\ub85c \uc0c1\ud5a5 (\uae30\uc874 $650\uc5b5~720\uc5b5)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub0b4\uc6a9<\/th><\/tr><\/thead><tbody><tr><td>Non-GAAP \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM)<\/td><td><strong>12.8%<\/strong> (\uac00\uc774\ub358\uc2a4 10.4~10.8% \uc0c1\ud68c, \uc804\ub144 \ub300\ube44 +330bp)<\/td><\/tr><tr><td>GAAP GM<\/td><td>12.7% (\uc804\ubd84\uae30 17.6% \ub300\ube44 -480bp, AI \ube44\uc911 \ud655\ub300 \ub54c\ubb38)<\/td><\/tr><tr><td>\uc21c\uc774\uc775<\/td><td>$15.9\uc5b5, GAAP EPS $1.75<\/td><\/tr><tr><td>\ucd5c\ub300 \uace0\uac1d \ube44\uc911<\/td><td><strong>\ub9e4\ucd9c\uc758 44%<\/strong> (FY26 \uc804\uccb4\ub85c\ub294 28%)<\/td><\/tr><tr><td>\uc601\uc5c5\ud604\uae08\ud750\ub984 \/ FCF<\/td><td>-$4.34\uc5b5 \/ <strong>-$4.81\uc5b5<\/strong> (FY26 \uc804\uccb4 FCF\ub294 -$70\uc5b5)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Charles Liang)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DCBBS<\/strong>(\ub370\uc774\ud130\uc13c\ud130\ub97c \ud1b5\uc9f8\ub85c \uacf5\uae09\ud558\ub294 \ube4c\ub529\ube14\ub85d \uc194\ub8e8\uc158: \ud558\ub4dc\uc6e8\uc5b4+\uc18c\ud504\ud2b8\uc6e8\uc5b4+\uc11c\ube44\uc2a4)\uac00 \uc131\uc7a5\uc758 \uc911\uc2ec\n<ul class=\"wp-block-list\">\n<li>\uacf5\uc7a5\uc5d0\uc11c \ud14c\uc2a4\ud2b8\ub97c \ub05d\ub0b8 \ub799\uc744 \ud604\uc7a5\uc5d0 \ubc14\ub85c \uaf42\uc544 \uc4f0\uac8c \ud574\uc11c <strong>\ub0a9\ud488\ubd80\ud130 \uac00\ub3d9\uae4c\uc9c0 \uac78\ub9ac\ub294 \uae30\uac04\uc744 \ubd84\uae30 \ub2e8\uc704\uc5d0\uc11c \uc8fc \ub2e8\uc704\ub85c \ub2e8\ucd95<\/strong><\/li>\n\n\n\n<li>\uac00\ub3d9 \uc2dc\uac04\uc744 \ub192\uc774\uace0 \uc804\ub825 \ube44\uc6a9\uc744 \uc904\uc5ec \uace0\uac1d\uc758 \ucd1d\ube44\uc6a9\uc744 \ub0ae\ucda4<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\uad00\ub9ac \uc18c\ud504\ud2b8\uc6e8\uc5b4 SCM, SDM, SOM\uc744 \ud568\uaed8 \ubd99\uc5ec \ud314\uba74\uc11c <strong>\uc18c\ud504\ud2b8\uc6e8\uc5b4\u00b7\uc11c\ube44\uc2a4 \ub9e4\ucd9c \ube44\uc911\uc744 \ud655\ub300<\/strong> \uc911<\/li>\n\n\n\n<li>\ud604\uc7a5 \ubc30\uce58, \uc720\uc9c0\ubcf4\uc218, \uc6d0\uaca9 \ubaa8\ub2c8\ud130\ub9c1\uc744 \ud558\ub294 <strong>\uae00\ub85c\ubc8c \ub370\uc774\ud130\uc13c\ud130 \uc11c\ube44\uc2a4 \uc870\uc9c1<\/strong>\uc744 \ud655\ub300<\/li>\n\n\n\n<li><strong>\uc0dd\uc0b0\ub2a5\ub825<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc2e4\ub9ac\ucf58\ubc38\ub9ac\uc640 \ub300\ub9cc\uc5d0\uc11c \uc790\ub3d9\ud654 \uacf5\uc7a5 \uc218\ubc31\ub9cc \uc81c\uacf1\ud53c\ud2b8\ub97c \uc99d\uc124 \uc911<\/li>\n\n\n\n<li>12\uc6d4\uae4c\uc9c0 <strong>\uc6d4 8,000\ub799 \uc774\uc0c1, \uadf8\uc911 \uc218\ub0c9\uc2dd(DLC) \ub799 4,000\uac1c \uc774\uc0c1<\/strong> \uc0dd\uc0b0 \uccb4\uc81c<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc2e0\uc81c\ud488<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>NVIDIA Vera Rubin NVL72 \ub799\uc744 \uc5c5\uacc4 \ucd08\uae30\uc5d0 \ucd9c\ud558<\/strong>. Vera CPU \ub799\ub3c4 \ucd9c\ud558 \uc900\ube44 \uc644\ub8cc<\/li>\n\n\n\n<li>AMD\ub294 MI350\/355X \uc218\uc694\uac00 \uacac\uc870\ud558\uace0 <strong>Helios\u00b7MI450\ub3c4 \ub300\uc751<\/strong> \uc911<\/li>\n\n\n\n<li>Intel Xeon 6, Arm \uae30\ubc18 \uc5d0\uc774\uc804\ud2f1 AI\uc6a9 CPU \uc11c\ubc84\ub3c4 \uc9c4\ud589<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Cisco, NetApp, Nutanix \ub4f1\uacfc \uc5d4\ud130\ud504\ub77c\uc774\uc988 \uc81c\ud734<\/strong>. \ub300\ud615 \uc81c\ud734\uac00 \ucd94\uac00\ub85c \uc608\uc815\ub428<\/li>\n\n\n\n<li><strong>AI \ud22c\uc790 \ub300\ube44 \uc218\uc775\uc131 \uc6b0\ub824<\/strong>\uc5d0\ub294 &#8220;\ube68\ub9ac \uc9d3\uace0, \ube68\ub9ac \uac00\ub3d9\ud558\uace0, \ub35c \uba48\ucd94\uac8c \ud558\ub294 DCBBS\uac00 \ubc14\ub85c \uadf8 \ubb38\uc81c\ub97c \ud574\uacb0\ud55c\ub2e4&#8221;\uace0 \ubc18\ubc15<\/li>\n\n\n\n<li>\uc7ac\uace0\uc640 \uc0dd\uc0b0\uc5d0 \uac78\ub9ac\ub294 \uae30\uac04\uc744 3\ubd84\uae30 \ub9cc\uc5d0 <strong>\uc57d 100\uc77c\uc5d0\uc11c 74\uc77c\ub85c \ub2e8\ucd95<\/strong>. \ubaa9\ud45c\ub294 50\uc77c<\/li>\n\n\n\n<li><strong>\uacbd\uc601\uc9c4 \uad50\uccb4<\/strong>: \uc2e0\uc784 CFO Mark Long. \uc804\uc784 CFO David Weigand\ub294 6\ub144 \uc7ac\uc784 \ud6c4 \uc6b4\uc601 \uc9c0\uc6d0\uc73c\ub85c \uc774\ub3d9<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI \uc194\ub8e8\uc158 \ube44\uc911 \uc57d 71%<\/strong> (\uc804\ubd84\uae30 59%). FY27 \uc804\uccb4\ub85c\ub294 70~80% \uc608\uc0c1<\/li>\n\n\n\n<li>\uc5d4\ud130\ud504\ub77c\uc774\uc988\u00b7\ucc44\ub110 \ub9e4\ucd9c $49\uc5b5 (25%, +229% YoY, -12% QoQ)<\/li>\n\n\n\n<li>\uc9c0\uc5ed\ubcc4: <strong>\ubbf8\uad6d 80%<\/strong> (+771% YoY), \uc720\ub7fd 11%, \uc544\uc2dc\uc544 6%, \uae30\ud0c0 3%<\/li>\n\n\n\n<li><strong>GM\uc774 \uc804\ubd84\uae30\ubcf4\ub2e4 \ub0b4\ub824\uac04 \uc774\uc720<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9c8\uc9c4\uc774 \ub0ae\uc740 \ub300\ud615 AI \ub370\uc774\ud130\uc13c\ud130 \ub9e4\ucd9c \ube44\uc911\uc774 \ub298\uc5c8\uae30 \ub54c\ubb38<\/li>\n\n\n\n<li>\uad00\uc138 \uc644\ud654\uc640 \uc7ac\uace0 \ucda9\ub2f9\uae08 \uac10\uc18c \ud6a8\uacfc\uac00 \uc788\uc5c8\uc9c0\ub9cc, \ub9c8\uc9c4\uc774 \ub0ae\uc740 \uc774\uc5f0\ub9e4\ucd9c\uc774 \uc774\ubc88\uc5d0 \uc778\uc2dd\ub418\uba74\uc11c \uc0c1\uc1c4\ub428<\/li>\n\n\n\n<li>CFO\ub294 <strong>\u201cAI \ub9e4\ucd9c\uc758 \ub9c8\uc9c4\uc774 \ub0ae\uc544\uc9c4 \uac8c \uc544\ub2c8\ub77c \uc5b4\ub290 \uace0\uac1d\uc774 \uc5b8\uc81c \ub0a9\ud488\ubc1b\uc558\ub294\uc9c0\uc758 \ubb38\uc81c\u201d<\/strong>\ub77c\uace0 \uc124\uba85<\/li>\n\n\n\n<li>\ub450 \ubd84\uae30\ub97c \ud569\uccd0 \ubcf4\uba74: 4Q+1Q \ub9e4\ucd9c \uc57d $311\uc5b5, GM \uc57d <strong>14.5%<\/strong>. 1\ub144 \uc804 \uac19\uc740 \ub450 \ubd84\uae30\ub294 $108\uc5b5, 9.5%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Non-GAAP \uc601\uc5c5\ube44\uc6a9 $3.84\uc5b5 (+89%). \ub9e4\ucd9c \uc131\uc7a5\ub960(+298%)\ubcf4\ub2e4 \ud6e8\uc52c \ub0ae\uc74c<\/li>\n\n\n\n<li>Non-GAAP \uc601\uc5c5\uc774\uc775\ub960 10.9% (\ub450 \ubd84\uae30 \ud569\uc0b0 12.1%, 1\ub144 \uc804 5.4%)<\/li>\n\n\n\n<li><strong>\uc6b0\uc120\uc8fc \uc601\ud5a5<\/strong>: 4Q\uc5d0 \ubc1c\ud589\ud55c \uc758\ubb34\uc804\ud658\uc6b0\uc120\uc8fc\uc758 \ubd84\uae30 \ubc30\ub2f9\uc774 \uc57d $0.75\uc5b5. \uc6b0\uc120\uc8fc\uc5d0 \uc774\uc775\uc744 \ubc30\ubd84\ud558\ub294 \ud6a8\uacfc\uae4c\uc9c0 \ud569\uce58\uba74 \ubcf4\ud1b5\uc8fc \ubaab \uc774\uc775\uc774 \uc57d $3.1\uc5b5 \uc904\uc5b4\ub4e6 (2029\ub144 6\uc6d4 \ubcf4\ud1b5\uc8fc\ub85c \uc804\ud658)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2\ubd84\uae30(10~12\uc6d4)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$195\uc5b5~215\uc5b5<\/strong><\/li>\n\n\n\n<li>GM <strong>12~12.5%<\/strong><\/li>\n\n\n\n<li>Non-GAAP EPS $1.66~1.90<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>FY27 \uc5f0\uac04<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$720\uc5b5~820\uc5b5<\/strong> (\uc57d 12% \uc0c1\ud5a5)<\/li>\n\n\n\n<li>GM <strong>11.8~12.2%<\/strong><\/li>\n\n\n\n<li>\ubc00\ub9b0 \ub0a9\ud488\uc774 \ub2e4\uc2dc \ubc18\uc601\ub418\ub294 \uac74 \uac00\uc815\ud558\uc9c0 \uc54a\uc558\uace0, \uc2e4\uc9c8 \uc218\uc694\ub294 \ub9e4 \ubd84\uae30 \uc99d\uac00\ud55c\ub2e4\uace0 \uac00\uc815<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\ud558\ubc18\uae30 GM\uc740 \uc0c1\ubc18\uae30\ubcf4\ub2e4 \ub0ae\uc744 \uc804\ub9dd. AI \ube44\uc911\uc774 70~80% \ubc94\uc704\uc758 \uc0c1\ub2e8\uc73c\ub85c \uac08 \uac83\uc774\uae30 \ub54c\ubb38. \ub2e4\ub9cc \uac19\uc740 \uc0ac\uc5c5 \uc548\uc5d0\uc11c\ub294 \ub9c8\uc9c4\uc774 \uc720\uc9c0\ub418\uac70\ub098 \uac1c\uc120\ub41c\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li><strong>\uc2e4\uc801\uc744 \uc81c\ud55c\ud558\ub294 \uc694\uc778<\/strong>\uc740 \uc218\uc694\uac00 \uc544\ub2c8\ub77c \ub2e4\uc74c \ub450 \uac00\uc9c0\n<ul class=\"wp-block-list\">\n<li><strong>\uace0\uac1d \ub370\uc774\ud130\uc13c\ud130 \uc900\ube44 \uc18d\ub3c4<\/strong>(\ubd80\uc9c0\u00b7\uc804\ub825\u00b7\uac74\ubb3c)<\/li>\n\n\n\n<li><strong>\ud575\uc2ec \ubd80\ud488 \uacf5\uae09<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Liang: \ubd80\ud488 \ubd80\uc871\uacfc \uacbd\uae30 \ubb38\uc81c\ub9cc \uc5c6\uc73c\uba74 \ud558\ubc18\uae30\uac00 \uc0c1\ubc18\uae30\ubcf4\ub2e4 \ud6e8\uc52c \ud074 \uac83\uc774\uace0, \uadf8\ub7ec\uba74 <strong>$720\uc5b5~820\uc5b5\uc740 \ub9e4\uc6b0 \ubcf4\uc218\uc801\uc778 \uc22b\uc790<\/strong><\/li>\n\n\n\n<li>\uc218\uc8fc\uc794\uace0 \uc0ac\uc0c1 \ucd5c\ub300. \ud558\ubc18\uae30 \uac00\uc774\ub358\uc2a4\uc5d0\ub294 \ubd80\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc5d0 \ub530\ub978 \ud310\ub9e4\ub2e8\uac00 \uc0c1\uc2b9\uc744 \ud06c\uac8c \ubc18\uc601\ud558\uc9c0 \uc54a\uc558\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. \uc6b4\uc804\uc790\ubcf8\/\uc218\uc8fc<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud604\uae08 \uc804\ud658 \uc8fc\uae30<\/strong>(\uc7ac\uace0\u00b7\uc678\uc0c1 \ub9e4\ucd9c\uc774 \ud604\uae08\uc73c\ub85c \ub3cc\uc544\uc624\uae30\uae4c\uc9c0 \uac78\ub9ac\ub294 \uae30\uac04) <strong>149\uc77c\uc5d0\uc11c 97\uc77c\ub85c 52\uc77c \ub2e8\ucd95<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc9c0\uae08 \ub9e4\ucd9c \uaddc\ubaa8\ub85c \ud658\uc0b0\ud558\uba74 \uc57d $100\uc5b5\uc758 \uc6b4\uc804\uc790\ubcf8\uc744 \uc544\ub080 \ud6a8\uacfc<\/li>\n\n\n\n<li>\uc7ac\uace0 \uc77c\uc218 -45\uc77c(74\uc77c), \ub9e4\ucd9c\ucc44\uad8c \uc77c\uc218 -23\uc77c(36\uc77c)<\/li>\n\n\n\n<li>\ub9e4\uc785\ucc44\ubb34 \uc77c\uc218\ub294 29\uc77c\uc5d0\uc11c 13\uc77c\ub85c \uc904\uc5b4 \uc57d $30\uc5b5\uc744 \uc37c\uc74c. \ubd80\ud488 \uacf5\uae09\uc774 \ube60\ub4ef\ud574 \uacf5\uae09\uc0ac\uc5d0 \ube68\ub9ac \uc9c0\uae09\ud55c \uc601\ud5a5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uace0\uac1d \uc120\uc218\uae08\uc73c\ub85c \uc774\uc5f0\ub9e4\ucd9c \uc57d $31\uc5b5 \uc99d\uac00<\/strong>. \ub298\uc5b4\ub09c \uc6b4\uc804\uc790\ubcf8 \ub300\ubd80\ubd84\uc744 \uc120\uc218\uae08\uc774 \ucda9\ub2f9\ud568<\/li>\n\n\n\n<li>\ub300\ud615 \ud504\ub85c\uc81d\ud2b8\ub294 \uacc4\uc57d\uae08\uacfc \ub0a9\ud488 \ub2e8\uacc4\ubcc4 \uccad\uad6c\ub85c \uc9c4\ud589. \uc2e0\uc6a9\ub3c4\uac00 \ub0ae\uc740 \uac70\ub798\ub294 \uac70\uc808\ud558\uace0 \uc788\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li>$18\uc5b5 \uaddc\ubaa8 \ub9e4\ucd9c\ucc44\uad8c \ub9e4\uac01 \ud55c\ub3c4 \ubcf4\uc720<\/li>\n\n\n\n<li>\uc7ac\uace0 $151\uc5b5 (\uc804\ubd84\uae30 $129\uc5b5)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0\/\uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc774\ubc88 \ucf5c\uc5d0\uc11c \uc790\uc0ac\uc8fc \ub9e4\uc785\uc774\ub098 \ubc30\ub2f9 \uc5b8\uae09\uc740 \uc5c6\uc5c8\uc74c<\/li>\n\n\n\n<li>\ud604\uae08 <strong>$69\uc5b5<\/strong>, \uc740\ud589 \ucc28\uc785+\uc804\ud658\uc0ac\ucc44 <strong>$86\uc5b5<\/strong> \u2192 \uc21c\ubd80\ucc44 $17\uc5b5 (\uc804\ubd84\uae30 $12\uc5b5)<\/li>\n\n\n\n<li>6\uc6d4\uc5d0 \uc870\ub2ec\ud55c $56\uc5b5\uc740 \uc9c0\uae08 \ub0a9\ud488 \uc911\uc778 \uc8fc\ubb38\uc758 \uc6b4\uc804\uc790\ubcf8\uc6a9<\/li>\n\n\n\n<li><strong>\ud604\uc7ac \uc720\uc0c1\uc99d\uc790 \uacc4\ud68d \uc5c6\uc74c<\/strong>. \ud544\uc694\ud558\uba74 \ubd80\ucc44 \uc870\ub2ec\uc744 \uac80\ud1a0<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Katherine Murphy (\uace8\ub4dc\ub9cc\uc0ad\uc2a4)<\/td><td>\uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc911 \uc2e4\uc81c \ucd5c\uc885 \uc218\uc694\ucc98\uac00 \ud655\uc778\ub41c \ube44\uc911, \uc120\uc218\uae08\uc774 \uacc4\uc18d\ub420\uc9c0<\/td><td>\uc804\ub825\uacfc GPU \ub4f1 \ubd80\ud488\uc774 \ubd80\uc871\ud558\uc9c0\ub9cc DCBBS\ub85c \uc810\uc720\uc728\uc744 \ub298\ub9ac\ub294 \uc911.<br>\uc2e0\uc6a9\ub3c4 \ub192\uc740 \ub300\ud615 \uace0\uac1d\uc774 \ube68\ub9ac \uacb0\uc81c\ud558\uace0 \uc120\uc218\uae08\ub3c4 \ub298\uc5b4\ub0a8.<br>\uc120\uc218\uae08 \ud750\ub984\uc740 \uacc4\uc18d\ub420 \uac83\uc73c\ub85c \ubd04<\/td><\/tr><tr><td>Ananda Baruah (Loop Capital)<\/td><td>\ub0a8\uc740 \ubd84\uae30 GM \ud750\ub984\uacfc AI \ub9c8\uc9c4 \uc694\uc778, CPU \uc11c\ubc84 \uae30\ud68c<\/td><td>\uc5f0\uac04 \uac00\uc774\ub358\uc2a4\ub294 \uc57d 12% \uc218\uc900\uc5d0\uc11c \uc548\uc815\ub418\ub294 \uadf8\ub9bc\uc774 \ub9de\uc74c.<br>\uace0\uac1d\uacfc \uc81c\ud488\uc774 \ub2e4\uc591\ud574\uc9c0\uba74 \uac1c\uc120 \uc5ec\uc9c0 \uc788\uc74c.<br>\uc5d0\uc774\uc804\ud2f1 AI \ud655\uc0b0\uc73c\ub85c Intel\u00b7AMD\u00b7Vera\u00b7Arm CPU \uc11c\ubc84 \uc218\uc694\uac00 \ud06c\uac8c \ub298\uc5b4\ub0a8<\/td><\/tr><tr><td>Joseph Cardoso (JP\ubaa8\uac74)<\/td><td>\ubc00\ub9b0 \ub0a9\ud488\uc774 \ub354 \ub0a8\uc558\ub294\uc9c0, \ud558\ubc18\uae30 \uc131\uc7a5 \ub454\ud654 \uc774\uc720, \ud575\uc2ec \ubcd1\ubaa9, \uac00\uaca9 \ud6a8\uacfc<\/td><td>\uc774\ubc88\ucc98\ub7fc \ud070 \uaddc\ubaa8\ub85c \ubc00\ub9b0 \ub0a9\ud488\uc740 \uc55e\uc73c\ub85c \uc5c6\uc744 \uc804\ub9dd.<br>\ud558\ubc18\uae30 \ub454\ud654\ub294 \ubd80\ud488\uacfc \ub370\uc774\ud130\uc13c\ud130 \uc900\ube44\ub97c \uac10\uc548\ud55c \ubc94\uc704\uc77c \ubfd0 \uc218\uc694\ub294 \ub9e4\uc6b0 \uac15\ud568.<br>\ubd80\ud488\uacfc \uacbd\uae30\ub9cc \uad1c\ucc2e\uc73c\uba74 $720\uc5b5~820\uc5b5\uc740 \ub9e4\uc6b0 \ubcf4\uc218\uc801.<br>\ud558\ubc18\uae30\uc5d0 \ud310\ub9e4\ub2e8\uac00 \uc0c1\uc2b9\uc740 \ud06c\uac8c \uac00\uc815\ud558\uc9c0 \uc54a\uc74c<\/td><\/tr><tr><td>Ruplu Bhattacharya (BofA)<\/td><td>\uc131\uc7a5 \uc790\uae08\uc744 \uc790\uccb4 \uc870\ub2ec\ud560 \uc218 \uc788\ub294\uc9c0, \ucd94\uac00 \uc870\ub2ec \ubc29\uc2dd<\/td><td>\ud604\uae08\uc774 \uc9c0\uae08\ucc98\ub7fc \ub9ce\uc558\ub358 \uc801\uc774 \uc5c6\uc74c.<br>\uc6b4\uc804\uc790\ubcf8 \ud6a8\uc728\uacfc \uc120\uc218\uae08\uc73c\ub85c \ub300\uc751 \uac00\ub2a5.<br>\uc720\uc0c1\uc99d\uc790 \uacc4\ud68d \uc5c6\uc74c, \ud544\uc694\ud558\uba74 \ubd80\ucc44 \uc870\ub2ec \uac80\ud1a0<\/td><\/tr><tr><td>Brendan Rodgers (\uc6b8\ud504, George Notter \ub300\uc2e0)<\/td><td>90\uc77c \uc0ac\uc774 \uac00\uc2dc\uc131\uc774 \uc88b\uc544\uc9c4 \uc774\uc720<\/td><td>\uc218\uc8fc\uc794\uace0\uac00 \ucda9\ubd84\ud574\uc11c \uc6b0\ub7c9 \uace0\uac1d\uc744 \uace8\ub77c \ubc1b\uc744 \uc218 \uc788\uc74c.<br>\ub300\ud615\u00b7\uc911\ud615 \uace0\uac1d\uacfc \uc5ec\ub7ec \uc9c0\uc5ed, \uc5d4\ud130\ud504\ub77c\uc774\uc988\uc5d0\uc11c \uac00\uc2dc\uc131\uc774 \uc88b\uc544\uc9d0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>\ucc38\uace0\uc0ac\ud56d : \uc288\ud37c\ub9c8\uc774\ud06c\ub85c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4 1. \ud575\uc2ec \uc774\uc288: \ub9e4\ucd9c 4\ubc30, \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, \ub9c8\uc9c4\uc740 AI \ube44\uc911 \ud655\ub300\ub85c \ud558\ub77d \ud56d\ubaa9 \ub0b4\uc6a9 Non-GAAP \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM) 12.8% (\uac00\uc774\ub358\uc2a4 10.4~10.8% \uc0c1\ud68c, \uc804\ub144 \ub300\ube44 +330bp) GAAP GM 12.7% (\uc804\ubd84\uae30 17.6% \ub300\ube44 -480bp, AI \ube44\uc911 \ud655\ub300 \ub54c\ubb38) \uc21c\uc774\uc775 $15.9\uc5b5, GAAP EPS $1.75 \ucd5c\ub300 \uace0\uac1d \ube44\uc911 \ub9e4\ucd9c\uc758 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,115],"class_list":["post-408","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-super-micro-computer"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"\ucc38\uace0\uc0ac\ud56d : \uc288\ud37c\ub9c8\uc774\ud06c\ub85c\ub294 \ud68c\uacc4\uc5f0\ub3c4\uac00 7\uc6d4\uc5d0 \uc2dc\uc791\ud568. FY27 Q1 = 2026\ub144 7~9\uc6d4 1. \ud575\uc2ec \uc774\uc288: \ub9e4\ucd9c 4\ubc30, \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, \ub9c8\uc9c4\uc740 AI \ube44\uc911 \ud655\ub300\ub85c \ud558\ub77d \ud56d\ubaa9 \ub0b4\uc6a9 Non-GAAP \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(GM) 12.8% (\uac00\uc774\ub358\uc2a4 10.4~10.8% \uc0c1\ud68c, \uc804\ub144 \ub300\ube44 +330bp) GAAP GM 12.7% (\uc804\ubd84\uae30 17.6% \ub300\ube44 -480bp, AI \ube44\uc911 \ud655\ub300 \ub54c\ubb38) \uc21c\uc774\uc775 $15.9\uc5b5, GAAP EPS $1.75 \ucd5c\ub300 \uace0\uac1d \ube44\uc911 \ub9e4\ucd9c\uc758&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=408"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/408\/revisions"}],"predecessor-version":[{"id":409,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/408\/revisions\/409"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}