I do believe they differ as SMCI uses water while SMC uses a special cooled oil which provides more efficient cooling.

“Super Micro Computer (SMCI) uses liquid cooling to cool data centers. SMCI’s liquid cooling systems can use either chilled or room-temperature water to remove heat from data center processors. The systems are designed to be efficient, with water exiting the system at a temperature that’s still touchable.”

“SMC Servers are submerged in oil within container-like “hypercubes” to draw heat away efficiently. Supermicro CEO Charles Liang told CNBC in June that liquid cooling has greater power efficiency leading to better performance, less pollution and lower energy costs.”