Super Micro shares plunge 15% as AI server, infrastructure demand cools

Super Micro Computer shares plunged 15% in extended trading Tuesday after the server maker reported fourth-quarter earnings and revenue that fell short of Wall Street expectations and issued disappointing guidance for the current quarter. The results underscore the company’s slowing growth trajectory as the initial surge in AI infrastructure demand begins to normalize.

Key financial results: Super Micro missed analyst expectations on both earnings and revenue for the fiscal fourth quarter ending June 30.

• Adjusted earnings per share came in at 41 cents versus the expected 44 cents.
• Revenue reached $5.76 billion, below the $5.89 billion consensus estimate.
• Revenue still grew 7.5% year-over-year during the quarter.

Weak guidance signals continued challenges: The company’s outlook for the current quarter disappointed investors with earnings and revenue projections below analyst expectations.

• Super Micro forecasts adjusted earnings per share of 40 to 52 cents for the fiscal first quarter, well below the 59-cent consensus.
• Revenue guidance ranges from $6 billion to $7 billion, compared to analyst expectations of $6.6 billion.
• For fiscal 2026, the company projects at least $33 billion in revenue, which actually exceeds the $29.94 billion consensus.

The big picture: Super Micro’s struggles reflect the broader cooling of the AI infrastructure boom that drove explosive growth in 2023 and early 2024.

• The company initially surged on massive demand for its data center servers packed with Nvidia chips designed for AI workloads.
• Growth has since decelerated as the initial wave of AI infrastructure buildouts begins to mature.
• Despite recent challenges, Super Micro shares remain up approximately 88% year-to-date in 2025, significantly outpacing the S&P 500’s 7% gain.

Recent corporate challenges: The company has navigated several operational hurdles beyond slowing demand.

• Super Micro avoided Nasdaq delisting after falling behind on quarterly financial filings.
• The departure of its auditor added to investor concerns about corporate governance.
• Management will address results and outlook on a conference call scheduled for 5 p.m. ET.