Is Super Micro Computer the biggest AI server winner? Inside its $40bn revenue forecast

Super Micro Computer has raised its revenue outlook for the current fiscal year, citing sustained and accelerating demand for its artificial intelligence–focused servers as global companies race to expand data centre capacity.

The upbeat forecast, released on Tuesday alongside the company’s second-quarter earnings, immediately boosted investor confidence. Shares of the San Jose–based technology firm jumped more than 5 per cent in after-hours trading, with gains later stretching higher as markets digested the stronger-than-expected numbers.

AI Infrastructure Driving Growth

Super Micro has emerged as one of the most visible corporate winners of the generative AI boom, positioning itself at the heart of the global push to build large-scale computing infrastructure. By working closely with leading chipmakers such as Nvidia and Advanced Micro Devices, the company has been able to rapidly design and deploy AI-optimised servers tailored for data centres and enterprise customers.

Speaking during the company’s post-earnings conference call, Chief Financial Officer David Weigand said customer demand remained resilient across regions.

“Order momentum continues to be strong, particularly from large global data centre operators and enterprise clients,” Weigand told analysts, adding that visibility into future demand remained solid.

Revenue Forecast Raised to $40 Billion

Reflecting that momentum, Super Micro now expects at least $40 billion in revenue for fiscal year 2026, a significant increase from its previous projection of $36 billion. The revised outlook underscores how quickly AI-related spending is scaling as businesses invest heavily in computing power to support machine learning, cloud services, and data-intensive workloads.

For the second quarter ended December 31, the company reported revenue of $12.68 billion, far exceeding Wall Street’s consensus estimate of roughly $10.23 billion, according to data compiled by LSEG. Part of that figure included around $1.5 billion in shipments that were delayed from the first quarter due to customer readiness issues.

On an adjusted basis, Super Micro reported earnings of $0.69 per share, comfortably above analyst expectations of $0.40 per share. Revenue for the quarter more than doubled compared with the same period a year earlier, highlighting the pace at which demand has accelerated.

Outlook for the Next Quarter

Looking ahead, Super Micro also issued guidance for the fiscal third quarter that came in above market expectations. The company said it anticipates adjusted earnings of at least $0.60 per share, alongside revenue of no less than $12.3 billion. Analysts had been forecasting earnings of $0.52 per share on revenue of $10.25 billion.

Chief Executive Officer Charles Liang said the company’s technology platform and expanding manufacturing footprint position it well for the next phase of AI-driven infrastructure growth.

“With our advanced AI server and storage capabilities, strong customer engagement, and growing global production capacity, we are scaling rapidly to support large AI and enterprise deployments,” Liang said. He added that Super Micro’s Data Center Building Block Solutions (DCBBS) allow customers to deploy systems faster, more efficiently, and at a lower overall cost.

Margin Concerns Linger

Despite the impressive revenue growth, some analysts remain cautious. Julia Ostian, an analyst at Seeking Alpha, pointed to pressure on gross margins, which stood at 6.3 per cent, as a key concern.

Ostian argued that Super Micro’s position in the AI supply chain leaves it squeezed between powerful chip suppliers and price-sensitive customers. According to her assessment, premium pricing from Nvidia on AI chips and aggressive cost demands from data centre clients limit Super Micro’s ability to expand margins or exercise pricing power.

What’s Next for Investors

Super Micro is scheduled to host an investor and analyst conference call at 5 p.m. EST to further discuss its earnings performance, outlook, and strategic priorities. With AI infrastructure spending showing little sign of slowing, investors will be watching closely to see whether the company can sustain growth while improving profitability.

Frequently Asked Questions (FAQ)

Why did Super Micro raise its revenue forecast?
The company cited strong and sustained demand for AI-optimised servers as customers expand data centre capacity.

What is Super Micro’s new revenue outlook?
Super Micro now expects at least $40 billion in revenue for fiscal year 2026, up from its earlier $36 billion forecast.

How did Super Micro perform in Q2?
The company beat analyst expectations on both revenue and earnings, reporting more than $12.6 billion in revenue.

Why are analysts concerned about margins?
Some analysts say Super Micro faces pricing pressure from chip suppliers like Nvidia and from cost-conscious enterprise customers.

Is Super Micro benefiting from the AI boom?
Yes, the company is considered a major beneficiary of increased AI and data centre investment.