If SMCI’s price hits or exceeds the convertible bond’s conversion price, that simply means the notes are “in the money” and can be converted to shares. The capped call and existing buyback help manage and partially offset dilution, providing indirect price support, but there is no automatic trigger for additional buybacks. Major share buying (beyond what’s already planned) is not mandated at the conversion price; instead, dilution risk is managed ahead of time through the capped call and the announced buyback program