dell is an vaverage vendor, not nvda's favorite. smci is able to cook the numbers b/c it can get nvda chips faster than msft and google alike. the ceos are buddies.
If there is this much crazy demand how could there possibly be accounting woes? Supermicro (SMCI) Receives Huge NVIDIA Blackwell AI Server Orders, Amounting To 25% of Total Supply https://wccftech.com/supermicro-huge-nvidia-blackwell-ai-server-orders/
I think that the problem is some sort of self-dealing. https://fortune.com/2024/10/31/super-micro-auditor-ey-financial-crisis-family-drama/
It sounds a little like Enron... Skilling constantly focused on meeting Wall Street expectations, advocated the use of mark-to-market accounting (accounting based on market value, which was then inflated) and pressured Enron executives to find new ways to hide its debt. Fastow and other executives "created off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them."[11]: 132–133