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AMD and Super Micro Shares Slide as AI Growth Expectations Dim After Data Center Results Miss

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Shares of Advanced Micro Devices (AMD.O) and server maker Super Micro Computer (SMCI.O) fell sharply in early trading Wednesday after both companies reported weaker-than-expected results in their data center segments, casting doubt on their AI growth prospects and competitive standing. AMD shares dropped 5.1%, while Super Micro plummeted 18.2%, with the latter potentially losing over $6 billion in market value.

AMD’s data center revenue, driven by Instinct AI chips and server CPUs, grew 14% to $3.2 billion in Q2—slightly below analyst forecasts—and lagged far behind rival Nvidia’s 73% jump to $39.11 billion in the same segment. Jefferies analysts said the AI outlook failed to deliver the strong upside some investors anticipated. CEO Lisa Su cited U.S. export restrictions on AMD’s MI308 AI chips to China as a factor in year-over-year AI revenue declines, with no clear timeline for lifting those limits. HSBC noted that expectations for revenue recovery from lifting export restrictions appear muted.

The chip sector faces additional risks from impending U.S. tariffs on semiconductor imports and supply chain vulnerabilities tied to Taiwan Semiconductor Manufacturing Company (TSMC), which produces AMD’s advanced 3-nanometer wafers. Analyst Michael Ashley Schulman warned any slowdown at TSMC could disproportionately impact AMD.

Super Micro missed Q4 estimates amid intense competition from larger server makers Dell and HP, suffering from execution issues and Nvidia chip supply delays. Analyst Gil Luria of D.A. Davidson noted signs of market share loss. While over 70% of Super Micro’s Q4 revenue is linked to AI platforms, the company’s margins remain pressured by high AI server production costs and fierce rivalry. Bank of America analysts highlighted ongoing uncertainty over the gross margin impact this quarter.

Super Micro CEO Charles Liang expressed optimism about improved chip availability driving better growth going forward. Dell’s shares also declined 1.7% on the news.

AMD trades at a forward price-to-earnings multiple of 32.39, compared to Super Micro’s 19.69.

Super Micro’s Quarterly Results Disappoint, Shares Drop Nearly 15.5%

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Super Micro (SMCI.O) missed Wall Street estimates for its fourth-quarter revenue and profit, as the company faces stiff competition from larger server manufacturers in the AI-driven high-performance computing market. Shares plunged about 15.5% in extended trading following the earnings release and multiple downward revisions to its full-year guidance.

The company now forecasts at least $33 billion in revenue for fiscal year 2026, falling short of its earlier target of around $40 billion set in February. Analyst expectations averaged $29.94 billion, according to LSEG data.

Despite gains in the competitive server market, Super Micro is losing ground to industry giants such as Dell Technologies (DELL.N) and HP Enterprise (HPE.N), which benefit from larger customer bases. Analyst Gil Luria of D.A. Davidson suggested customers prefer servers from these bigger players amid strong market demand.

Dell raised its annual profit forecast, and HP Enterprise beat second-quarter revenue and profit estimates, underscoring Super Micro’s challenges. CEO Charles Liang noted improved chip availability expected in the fiscal year ahead, following previous delays in Nvidia (NVDA.O) processor supplies that hurt recent quarters.

Super Micro’s shares have surged about 90% this year amid excitement over AI server demand and innovative cooling technologies. However, as Kim Forrest of Bokeh Capital Partners explained, investor enthusiasm for AI-related firms means any softness can trigger sharp sell-offs.

For the quarter ended June 30, Super Micro posted revenue of $5.76 billion, below the $5.89 billion consensus, and adjusted earnings per share of 41 cents, missing estimates of 44 cents due in part to tariff impacts.