Apr. 27 at 2:09 PM
$SMCI Super Micro Computer still my “f*** it” long into earnings — high risk, high beta AI infrastructure play.
Q2 FY2026 came in strong:
$12.7B revenue (+123% YoY), big EPS beat, and >
$13B Blackwell backlog (record high). FY2026 guide
$40B+ keeps the growth story alive if execution holds.
Valuation is crushed at ~0.3x forward P/S due to DOJ noise + prior cancellation headlines, but hyperscaler demand hasn’t actually rolled over.
Key event: May 5 earnings — first full Blackwell ramp + backlog conversion + guidance check. Anything above ~
$12.3B keeps momentum intact.
Risk is simple: any new cancellation or regulatory hit = sentiment breaks fast. But if clean print, this can re-rate hard.
$DELL $MU
