Key Takeaways
- Super Micro Computer shares soared approximately 15% in premarket action Wednesday
- Company raised gross margin forecast to 15%–17%, nearly double the previous 8.2%–8.4% estimate
- SMCI reported receiving over $60 billion in new orders during the fourth quarter of fiscal 2026
- Quarterly revenue expected to land toward the lower end of $11.0B–$12.5B range
- Complete Q4 fiscal results and earnings call planned for August 11
Shares of Super Micro Computer (SMCI) rocketed approximately 15% higher in Wednesday’s premarket session, climbing to $29.51, following the company’s release of a preliminary fiscal fourth quarter 2026 business update filed with the Securities and Exchange Commission after Tuesday’s market close.
Super Micro Computer, Inc., SMCI
The catalyst driving the rally: a dramatic revision to gross margin expectations. Super Micro now anticipates both GAAP and non-GAAP gross margins will range between 15% and 17% for the quarter that concluded on June 30, 2026. This represents nearly twice the company’s previous guidance calling for margins of 8.2% to 8.4%. Management credited an improved customer and product mix for the substantial upward revision.
While this margin guidance upgrade alone would have captured significant investor interest, the company had additional positive news to share.
Unprecedented $60 Billion Order Pipeline
SMCI revealed that its order backlog reached an unprecedented level as fiscal 2026 closed. During the fourth quarter alone, the company secured more than $60 billion in new orders — business it anticipates converting to revenue over subsequent quarters.
This substantial backlog highlights robust demand for Super Micro’s AI-focused server solutions, which utilize processors from major chip manufacturers including Nvidia (NVDA), Intel (INTC), and AMD (AMD).
While revenue for the period is projected to arrive near the bottom of the company’s $11.0 billion to $12.5 billion guidance range, market participants appeared unfazed by the modest revenue shortfall. Instead, attention centered on the impressive margin expansion and the extraordinary size of the order pipeline.
SMCI’s premarket surge occurred against a challenging market backdrop — the S&P 500 declined 0.4%, the Dow Jones Industrial Average fell 0.1%, and the Nasdaq Composite dropped 0.9% during Wednesday’s session.
Background: Volatility and Recovery
Wednesday’s premarket gains follow a challenging period for SMCI shareholders. The stock has declined roughly 13% during the current calendar year, with significant selling pressure in June after the company unveiled plans for an equity offering to purchase components required to fulfill $39 billion worth of AI server commitments.
At Wednesday’s premarket level of $29.51, shares trade comfortably above the 52-week low of $19.48, though they remain substantially below the 52-week peak of $62.36.
In recent weeks, Chief Executive Officer Charles Liang disclosed that Super Micro is partnering to construct “another new Gigawatt AI datacenter for SpaceX and xAI within a year,” further reinforcing the demand story surrounding the company’s products.
Management is scheduled to release complete fourth quarter financial results and host an earnings conference call on August 11.
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