Super Micro Computer's preliminary results showed gross margins of 15%-17%, nearly double guidance, suggesting a structural shift toward higher-value AI infrastructure solutions.
New orders exceeded $60 billion, indicating demand remains exceptionally strong despite revenue being constrained by deployment timing and customer readiness.
Shares trade at only 11x forward non-GAAP EPS, 0.55x price-to-sales, and a 0.38 forward PEG, well below major infrastructure peers.
The August earnings report will determine whether software, liquid cooling, and DCBBS can sustain double-digit margins and justify a higher valuation.
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- kookieman·07-27 14:52I ran the math too — 15% gross margin on 60B orders implies growth way past guide. August really has to prove those margins stickLikeReport