Super Micro Computer faces growing challenges as the AI server market shifts toward NVIDIA Corporation's next-generation GB300 platforms. Despite demand for AI servers remaining strong, Super Micro cut its outlook in its recent Q4 results, citing slower sales, margin pressures, and inventory of older products.

The company now guides fiscal 2026 revenue of $33 billion, down from the $40 billion projection issued earlier this year. Consensus estimates remain even lower, around $31.7 billion, reflecting skepticism about the company's ability to stabilize its business.

Super Micro has missed revenue expectations for four consecutive quarters, while peers such as Foxconn and Wistron reported accelerating AI server shipments.

The company's near-term risks stem from customer order delays and competitive losses, including a contract with Elon Musk's X that went to Hewlett Packard Enterprise.

Analysts expect uneven performance as Super Micro navigates rapid product transitions and works down existing inventory.Although shares trade at what looks like a discounted multiple, margin contraction and inconsistent guidance suggest continued volatility ahead.

For now, investors face an uncertain outlook compared with stronger momentum at ODM peers.