Super Micro Computer released preliminary fiscal Q4 2026 results with revenue near the low end of its $11-$12.5 billion guidance range. The company revised its gross margins upward to 15-17%, nearly double the previous forecast of 8.2-8.4%, and reported a record order backlog exceeding $60 billion, representing roughly two years of revenue. This announcement drove SMCI shares up 13% with an intraday peak of 25%, while Dell climbed 5-10% and HPE rose 3-5.6%. Dell has projected annual AI server revenue in the $50-60 billion range, with growth of several hundred percent year-over-year. Despite a DOJ indictment related to allegations of illegal export of AI servers to China, investors remained confident.
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