The relationship between SMCI's CEO (Charles Liang) and Jensen may not be as important as it seems.

If the CEO of SMCI, Charles Liang, has a "great" relationship with Nvidia's founder, and can secure more resources, then how did Dell Technologies achieve a 100% quarter-on-quarter growth rate?

Nvidia's net profit margin has doubled from 30% to 60% over the past two years. With such a close relationship, why hasn't Charles been given a share of the profits, especially when Supermicro's gross margin is less than 10%?

A bit of due diligence would reveal that Nvidia's products are distributed on a first-come, first-served basis. Charles took the early risk with AI servers, while more conservative players like HPE did not act in time and fell behind, leading to an explosive growth in sales for SMCI last year and early this year. However, Dell was not idle; once it began actively stocking up, the competitive landscape started to shift immediately.