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As of Q2'26 (2025-12-31), SMCI's current contract liabilities stand at USD 775M, reflecting a decrease from the previous quarter's peak of USD 1B. This latest data point marks a notable pullback after a period of significant growth. Analyzing the trend from Q3'23 to Q2'26, the current contract liabilities generally exhibit an upward trajectory, with a sharp increase from USD 240M in Q4'24 to a high of USD 1B in Q1'26. Despite some quarterly fluctuations, particularly a dip in Q4'24, the overall pattern is one of strong growth, suggesting increased customer prepayments or obligations over the covered period.