diff --git a/hw/smbios/Makefile.objs b/hw/smbios/Makefile.objs
index ee0712bae0..23bb2bac07 100644
--- a/hw/smbios/Makefile.objs
+++ b/hw/smbios/Makefile.objs
@@ -1,5 +1,10 @@
-common-obj-$(CONFIG_SMBIOS) += smbios.o
-common-obj-$(call land,$(CONFIG_SMBIOS),$(CONFIG_IPMI)) += smbios_type_38.o
+ifeq ($(CONFIG_SMBIOS),y)
+common-obj-y += smbios.o
+common-obj-$(CONFIG_IPMI) += smbios_type_38.o
+common-obj-$(call lnot,$(CONFIG_IPMI)) += smbios_type_38-stub.o
+else
+common-obj-y += smbios-stub.o
+endif
 
-common-obj-$(call lnot,$(CONFIG_SMBIOS)) += smbios-stub.o
 common-obj-$(CONFIG_ALL) += smbios-stub.o
+common-obj-$(CONFIG_ALL) += smbios_type_38-stub.o
diff --git a/stubs/smbios_type_38.c b/hw/smbios/smbios_type_38-stub.c
similarity index 100%
rename from stubs/smbios_type_38.c
rename to hw/smbios/smbios_type_38-stub.c
diff --git a/stubs/Makefile.objs b/stubs/Makefile.objs
index 9fc373ed3f..13c5d45ce3 100644
--- a/stubs/Makefile.objs
+++ b/stubs/Makefile.objs
@@ -44,7 +44,6 @@ stub-obj-y += target-monitor-defs.o
 stub-obj-y += target-get-monitor-def.o
 stub-obj-y += vhost.o
 stub-obj-y += iohandler.o
-stub-obj-y += smbios_type_38.o
 stub-obj-y += ipmi.o
 stub-obj-y += pc_madt_cpu_entry.o
 stub-obj-y += migration-colo.o