Super Micro Computer (SMCI) shares moved in opposite directions this week as investors digested a quarterly revenue miss and then a corporate investigation update that cleared senior management in an alleged export-control smuggling case.
On Wednesday, SMCI dropped 2.2% to $36.58 after reporting record quarterly revenue of $11.12 billion, up 93.2% year over year. That total still missed the $11.60 billion Wall Street consensus estimate, overshadowing an earnings-per-share beat. Intraday, the stock touched $35.72, with volume about 23% below average.
The company pointed to more than $60 billion in new orders and set fiscal 2027 revenue guidance of $65 billion to $72 billion, citing strong demand for AI infrastructure and data center systems. Liquid-cooling technology and full-stack data center solutions remain central to Super Micro’s strategy, with Hewlett Packard Enterprise and Dell as direct competitors.
Analyst reactions were mixed. Mizuho set a $35.00 target with a neutral rating, Citigroup raised its target from $33.00 to $39.00, and Stifel Nicolaus set a $42.00 target. Bank of America kept an underperform rating. Among 18 analysts, four rate SMCI a Buy, 12 say Hold, and two have a Sell rating, while the average price target sits at $42.13.
On Thursday, SMCI rose more than 2% in premarket trading after the company said an independent investigation found no evidence that senior management knew about an alleged export control smuggling scheme. The review was led by independent director Scott Angel and audit committee chair Tally Liu, with Munger, Tolles & Olson LLP and forensic consultant AlixPartners.
The investigation reviewed transactions in a federal indictment unsealed in March 2026 against three people formerly connected to Super Micro: co-founder Yih-Shyan “Wally” Liaw, sales manager Ruei-Tsan “Steven” Chang, and contractor Ting-Wei “Willy” Sun. None are still with the company. Prosecutors alleged the group used hair dryers to remove labels and serial numbers from real machines, swapped them onto dummy units, and shipped real servers to China without required licenses.
The alleged scheme generated roughly $2.5 billion in sales since 2024, including about $510 million between late April and mid-May 2025. Liaw and Sun pleaded not guilty in April, while Chang had not been apprehended. A trial is reportedly set for early November.
Super Micro also took personnel actions against employees in sales, technical support, and business development, including terminations for policy violations. The board adopted all recommendations to strengthen export compliance, with some changes already implemented under the General Counsel and Chief Compliance Officer. The company said it will continue cooperating with government authorities.
