Super Micro shares surge after record $60 B backlog

Shares of Super Micro Computer surged in after-hours trading on Tuesday, July 21, 2026, following a preliminary financial update that highlighted a dramatic improvement in profitability and a record order backlog. The stock rose approximately 16% to 20% after the close, building on a regular session gain of about 7%.

The AI server maker announced that for its fiscal fourth quarter ended June 30, 2026, it expects revenue to come in near the lower end of its previous guidance range of $11 billion to $12.5 billion. However, investors focused on a significantly upgraded forecast for profitability. The company now projects both GAAP and non-GAAP gross margins to land between 15% and 17%, a substantial increase from its earlier forecast of 8.2% to 8.4%. Management attributed the stronger margins to a more favorable mix of products and customers, signaling higher-value AI infrastructure sales.

Perhaps the most significant disclosure was the company's order backlog, which reached a record high at the end of the fiscal year. During the fourth quarter alone, Super Micro secured more than $60 billion in new orders, creating a substantial pipeline of future deliveries expected to be...