In Q3'26, SMCI's operating expenses reached $392.8M USD, with R&D expenses at $215.7M USD and SG&A expenses at $177.2M USD, marking a quarterly increase from $354.1M USD in Q2'26 and reflecting continued investment in innovation and operations. Over the period from Q4'23 to Q3'26, total operating expenses have shown a robust upward trend, growing from $144.9M USD to $392.8M USD, driven primarily by R&D expenses which surged from $84.8M USD to $215.7M USD with consistent acceleration post-Q1'24. SG&A expenses followed a similar growth pattern, rising from $60.1M USD to $177.2M USD, though with slight fluctuations such as a dip in Q1'26; the stacked bar chart highlights R&D as the dominant component, comprising over 50% of total expenses in recent quarters, indicating strategic scaling amid business expansion.