--- title: "AI Servers Industry: Companies, KPIs" description: "5 SEC filers are classified under the Standard Industrial Classification code that describes the ai servers industry, and their latest annual reports show." canonical: https://www.getswoopr.com/stocks/industries/information-technology/ai-servers/ source: "Swoopr Investment: https://www.getswoopr.com" --- # AI Servers Industry ## Direct Answer 5 SEC filers are classified under the Standard Industrial Classification code that describes the ai servers industry, and their latest annual reports show $551.7 billion of combined revenue and a median operating margin of 5.7%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview AI server makers build rack-scale computers packed with GPUs and accelerators for cloud providers and enterprises that train and run artificial intelligence models. Revenue is large and lumpy, tied to a few buyers and to accelerator supply. The first numbers to compare across companies here are AI server revenue and backlog, gross margin and customer concentration. ## Key Industry Metrics - **AI server revenue and backlog**: Sales of rack-scale systems and orders not yet shipped. Large deals make results lumpy, and backlog shows near-term visibility but depends on customers' financing and chip supply. - **Gross margin**: Revenue left after buying accelerators and other parts. Much of the system cost is passed-through chips, so margins are thin, and software and services mix can lift them. - **Customer concentration**: The share of revenue from a few cloud and enterprise buyers. A handful of large orders can dominate a quarter, so a high share raises sensitivity to a single customer's plans. - **Accelerator supply allocation**: How much of the scarce accelerator supply the maker can secure. Allocation limits shipments more than demand, so it indicates how much revenue is possible regardless of orders. - **Inventory and working capital**: Parts on hand and cash tied up in building systems. Expensive chips and long lead times make inventory large, and rising levels without matching sales can signal demand risk. ## Primary Macro Drivers - **Hyperscaler and enterprise AI capital spending**: Cloud giants and large companies decide how many AI systems to buy, so their capital budgets set revenue and backlog for rack-scale server makers. - **GPU and accelerator supply**: Systems ship only when enough accelerators are allocated, so chip supply paces revenue and shows up in backlog and inventory. - **Power and cooling availability**: Racks of accelerators draw large amounts of electricity and heat, so available power and liquid cooling decide how fast customers can install and pay for systems. - **Model training demand**: More models trained and refreshed means more clusters ordered, lifting AI server revenue and backlog ahead of broader enterprise demand. ## Major Risks - **Customer concentration**: A few cloud and AI buyers account for most orders, so a changed plan can shift revenue sharply; watch top-customer share and backlog. - **Thin margins on pass-through hardware**: Systems consist mostly of accelerators and memory passed through at low markup, so gross margin stays modest and small cost slips matter; watch gross margin per quarter. - **Supply constraints**: Allocation of scarce chips can delay shipments or force price concessions, making revenue lumpy; watch backlog conversion, inventory and supplier commentary. - **Capex pullbacks**: Buyers can pause orders while they absorb earlier purchases, causing revenue to drop quickly; watch backlog, customers' capital guidance and inventory build. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | Medium | | Regulatory Intensity | Low | | Industry Maturity | Growth | | Geographic Importance | Global | ## AI Servers Filers in the SEC Record 5 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3571. Their latest fiscal years end between 2025 and 2026, and together they reported $551.7 billion of revenue. Median revenue growth over the prior year was 18.8%. Median operating margin was 5.7% and median net margin 5.2%. Median total liabilities were 70% of total assets, and 4 of 5 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Apple Inc.](https://www.getswoopr.com/stocks/companies/apple/) | $416.2 billion | 6.4% | 32.0% | 26.9% | FY 2025 | | [Dell Technologies Inc.](https://www.getswoopr.com/stocks/companies/dell-technologies/) | $113.5 billion | 18.8% | 7.2% | 5.2% | FY 2026 | | [Super Micro Computer, Inc.](https://www.getswoopr.com/stocks/companies/supermicro/) | $22.0 billion | 46.6% | 5.7% | 4.8% | FY 2025 | | [One Stop Systems, Inc.](https://www.getswoopr.com/stocks/companies/one-stop-systems-inc/) | $32 million | 31.2% | -10.5% | 15.8% | FY 2025 | | [Socket Mobile, Inc.](https://www.getswoopr.com/stocks/companies/socket-mobile-inc/) | $15 million | -19.6% | -21.3% | -95.4% | FY 2025 | Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The AI Servers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Information Technology - [Information Technology sector overview](https://www.getswoopr.com/stocks/industries/information-technology/) - [AI Software Platforms](https://www.getswoopr.com/stocks/industries/information-technology/ai-software-platforms/) - [AI Data Lifecycle Services](https://www.getswoopr.com/stocks/industries/information-technology/ai-data-lifecycle-services/) - [Analog Semiconductors](https://www.getswoopr.com/stocks/industries/information-technology/analog-semiconductors/) - [AI Application Software](https://www.getswoopr.com/stocks/industries/information-technology/ai-application-software/) - [Analytics Software](https://www.getswoopr.com/stocks/industries/information-technology/analytics-software/) - [AI Agent Platforms](https://www.getswoopr.com/stocks/industries/information-technology/ai-agent-platforms/) - [Application Security](https://www.getswoopr.com/stocks/industries/information-technology/application-security/) - [Advanced Packaging & Chiplets](https://www.getswoopr.com/stocks/industries/information-technology/advanced-packaging-and-chiplets/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the AI Servers industry? Key performance indicators for the AI Servers industry include: AI server revenue and backlog, Gross margin, Customer concentration, Accelerator supply allocation, Inventory and working capital. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the AI Servers industry? The AI Servers industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing. What are the biggest risks in the AI Servers industry? The primary risks for AI Servers companies include: Customer concentration, Thin margins on pass-through hardware, Supply constraints, Capex pullbacks. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).