《Everyone's Bullish on SMCI Again — Here's the Catch》
SMCI面临结构性逆风，包括低毛利率（<11%）、价格竞争以及资本结构（优先股/债务）限制了股东价值创造。
为了明确我们今天讨论的对象，我们谈论的是 Super Micro Computer。几年前，当我们在2023年和2024年报道它时，我们对SMCI持批评态度。我们放弃了它，而且，该股在2024年下半年暴跌，此后从未真正有意义地回升。
And just to pin a name to this, we're talking about Super Micro Computer today. A few years ago, when we covered it in 2023 and 2024 we were critical of SMCI. We passed on it, and, well, the stock price tanked the second half of 2024, and never really meaningfully came back since then.