슈퍼마이크로, AI 수요가 자체 전망치를 25% 상회하며 폭발적 증가

Super Micro Says AI Demand Is So Strong It Blew Past Its Own Forecast by 25% Super Micro Computer just blew past its own revenue forecast by a margin that stunned even veteran analysts, but the company's cash position and an open board review raise questions about whether the surge can hold through November. Super Micro Computer (NASDAQ:SMCI | SMCI Price Prediction) said after the close on October 20, 2026, that its fiscal first quarter, which ended September 30, 2026, came in well ahead of plan. Super Micro Computer now sees revenue of $18.5 billion to $19.5 billion, up from its August guidance of $14.5 billion to $15.5 billion. The stock closed at $32.47, up 1.15% in the regular session, for a market value of $21.33 billion. After hours, it was up 11.3% at an earlier time stamp and later reached $37.52, up 15.54%. The guidance rests on preliminary, unaudited estimates, with no executive quote and no earnings-per-share guidance, and the company’s auditor “has not audited, reviewed, compiled or performed any procedures” on them. Super Micro added that actual results “may differ materially.” Super Micro said the revenue raise was “primarily due to increased demand for AI platforms.” Super Micro Computer raised its gross margin estimate to 12.0% to 12.5%, up from 10.4% to 10.8%, “primarily due to customer and product mix.” How Far It Overshot Its Own Forecast The new $19 billion midpoint stands 26.7% above the old $15 billion midpoint, and that is where the headline figure comes from. The new low end beats the old high end by a smaller 19.4%. Analysts expected less, because the midpoint stands about 24.8% above the LSEG average estimate of $15.23 billion. Super Micro’s scale has also risen. It booked $5.02 billion in the same quarter a year earlier, and its largest recent quarter, which ended December 31, 2025, brought in $12.68 billion. The margin rate matters more than revenue, since Super Micro sells servers on thin margins, so every point of gross margin counts. At the midpoint, one point is worth about $190 million of gross profit. Analysts surveyed by Reuters had expected a gross margin of 10.15%. That is below the new range. Mix can swing the other way, though. In August, management said high-volume GPU business generally carries lower margins, and a single customer made up for 28% of fiscal 2026 revenue. AI Hardware Was Already Under Pressure AI-exposed stocks sold off in the week before the release. Super Micro fell 16.89% from October 13 to October 20. Peers also rose on the news. Earlier in after-hours trading, Dell Technologies (NYSE:DELL) and Hewlett Packard Enterprise (NYSE:HPE) were up 3.5% to 4.9%, and NVIDIA (NASDAQ:NVDA) was up 1.5%. All of that server demand has to be powered, cooled, and connected by somebody, which is why we pulled together seven AI infrastructure suppliers outside the chipmakers in a free report you can grab here. In the same week, Super Micro named Mark Long as CFO, nearly two years after it began the search. The stock is still far below its 52-week high of $56.60 and is down 41.01% over the past year. What Investors Should Weigh Before the November Report The case for Super Micro rests largely on valuation. At about 10 times trailing earnings, the stock is priced for more disappointment. The raise suggests that contracts deferred out of the June quarter showed up when management said they would. Serious risks remain: operating cash flow for fiscal 2026 was -$6.81 billion because of an inventory build. As of the August report, a board review of transactions tied to export-control issues was still open. Super Micro Computer’s November 3, 2026 report at 5:00 p.m. ET needs to confirm revenue of at least $18.5 billion and gross margin of at least 12.0%. Missing either would hurt the case. NVIDIA likely takes less of this accounting risk because server builders buy its chips and it does not hold their inventory. Contact [email protected] for any questions or corrections.