#股票交易分享挑战 Super Micro Computer SMCI: Surges about 19% as the AI server “gross margin comeback” accelerates its revaluation

SMCI was one of the brightest performers last night, surging about 19% and extending the revaluation rally that followed its 7% after-hours gain on August 11. The core narrative has changed—the market had previously worried that SMCI was a “low-margin victim of price wars,” but its Q4 results completely dispelled that concern: revenue was $11.12 billion, up 93% year over year (at the low end of the $11 billion–$12.5 billion guidance range and slightly below analysts’ $11.56 billion expectation; management explained that customer delays in power, cooling, and network deployments mainly caused revenue to be deferred); but profitability exploded—Q4 gross margin was 17.5% (17.6% non-GAAP), nearly double last year’s single-digit level of 9.6%, up sharply by 750 basis points from Q3’s 10.1%, and far above the initially pessimistic 8.2%–8.4% guidance; non-GAAP EPS was $1.70, up 315% year over year and far above expectations of $0.92–$1.59; GAAP net profit was $1.18B, about six times the $195 million recorded in the same period last year.
What truly triggered the surge was the guidance. The company guided for Q1 FY2027 revenue of $14.5 billion–$15.5 billion, with the $15 billion midpoint about 25% above analysts’ expectations of approximately $11.8 billion–$12 billion; full-year FY2027 revenue guidance was $65 billion–$72 billion, about 30% above market expectations of approximately $53 billion–$54.4 billion.
The risks also warrant attention: Q1 gross margin guidance fell back to 10.4%–10.8%, suggesting that Q4’s high margin may have included one-off factors; operating cash flow plunged from positive $1.66B to negative $6.81B as massive inventory stocking tied up cash. $SMCI