The stock closed 7.01% higher on Tuesday and climbed another 16.75% in premarket trading on Wednesday.Preliminary Q4 Results and AI Server DemandThe move follows the company’s Tuesday afternoon preliminary fourth-quarter update, which included a record backlog with new orders exceeding $60 billion and gross margin expectations of 15% to 17% (above prior guidance).The company expects revenue near the low end of its $11 billion to $12.5 billion guidance range. The midpoint of that range is broadly in line with the $11.73 billion analyst estimate.The new orders are expected to be delivered over future quarters, providing stronger visibility into AI-server demand.The preliminary results remain unaudited and may change as Super Micro completes its financial closing process.Cramer Sees Positive Read-Through For Server DemandSuper Micro Computer Technical AnalysisSMCI remains under longer-term pressure after falling 48.86% over the past year.The stock is still below its 50-day SMA of $32.93 and 200-day SMA of $33.81, leaving both levels as potential resistance. A death cross formed in December 2025 when the 50-day average fell below the 200-day average.However, shares have moved above the 20-day SMA of $27.95 and the 100-day SMA of $30.30, indicating improving near-term price action.The MACD remains below its signal line with a negative histogram, suggesting momentum has not yet fully confirmed the rebound.