$SUPER MICRO COMPUTER INC(SMCI)$ SMCI put up huge numbers, but the market is acting like the AI wave has already left them behind. The scale gap is pretty clear when you put it next to CRWV and NBIS — SMCI's quarterly revenue alone was bigger than both of them combined, and that came with strong YoY growth, better margins, and a very large order pipeline.
Q4 revenue hit $12.68B, up 138% YoY, non-GAAP gross margin at 17.1%, with over $60B in new orders and a record backlog. The FY27 revenue outlook is at least $72B. It feels a bit odd that there's still a debate about whether it deserves a rerating.
My take is that once shorts are forced to cover and momentum picks up, the squeeze could push it toward $60. The numbers are speaking for themselves.
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