--- ticker: SMCI company: SMCI filing_type: 10-K year_current: 2026 year_prior: 2025 risks_added: 1 risks_removed: 7 risks_modified: 13 risks_unchanged: 24 source: SEC EDGAR url: https://riskdiff.com/smci/2026-vs-2025/ markdown_url: https://riskdiff.com/smci/2026-vs-2025/index.md access: public_preview generated: 2026-09-28 --- # SMCI: 10-K Risk Factor Changes 2026 vs 2025 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-09-28 > All data extracted directly from official filings. No hallucinated content. ## AI Risk Brief > **AI interpretation layer.** The brief below was generated by an AI model from the deterministic diff. AI never invents facts. > **Seven risks were removed while new climate exposure and revised AI, legal, and reporting disclosures keep the overall risk shift mixed.** - **Direction:** Mixed - **Themes:** Artificial Intelligence, Climate & ESG, Regulatory & Legal --- ## Summary | Status | Count | |--------|-------| | New risks added | 1 | | Risks removed | 7 | | Risks modified | 13 | | Unchanged | 24 | --- ## Selected change This public preview includes one change. Pro access provides the complete comparison and historical data. ## New in Current Filing: Climate change may have a long-term impact on our business. Climate change may have an increasingly adverse impact on our business and on our customers, partners and vendors. Water and energy availability and reliability in the regions where we conduct business is critical, and certain of our facilities may be vulnerable to the impacts of extreme weather events. Extreme heat and wind coupled with dry conditions in Northern California may lead to power safety shut offs due to wildfire risk, which can have adverse implications for our offices and data centers, including impairing the ability of our employees to work effectively. Climate change, its impact on our supply chain and critical infrastructure worldwide and its potential to increase political instability in regions where we, our customers, partners and our vendors do business, may disrupt our business and cause us to experience higher attrition, losses and costs to maintain or resume operations. Our business and those of our suppliers and customers are subject to sustainability-related laws, regulations and lawsuits. New or proposed regulations relating to carbon taxes, fuel or energy taxes, pollution limits, sustainability-related disclosure and governance and supply chain governance could result in greater direct costs, including costs associated with changes to manufacturing processes or the procurement of raw materials used in manufacturing processes, increased capital expenditures to improve facilities and equipment, higher compliance and energy costs to reduce emissions, other compliance costs, and greater indirect costs resulting from our customers and/or suppliers incurring additional compliance costs that are passed on to us. These costs and restrictions could harm our business and results of operations by increasing our expenses or requiring us to alter our operations and product design activities. Stakeholder groups may find us insufficiently responsive to the implications of climate change, and therefore we may face legal action or reputational harm. Our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs, despite their much more energy efficient design and operation relative to alternative computing platforms. Table of Contents Table of Contents --- ## Source filings - [2026 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1375365/000137536526000022/0001375365-26-000022-index.htm) - [2025 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/0001375365-25-000027-index.htm) [View the full comparison with Pro](https://riskdiff.com/smci/2026-vs-2025/full/) *Data sourced from SEC EDGAR. Last updated 2026-09-28.*