Super Micro Computer just told Wall Street its revenue projections were off by about $15 billion. The market’s response was predictable: SMCI shares jumped roughly 9% in after-hours trading on August 11, closing at $31.60.
The server maker issued fiscal 2027 revenue guidance of $65B to $72B, a range that makes the analyst consensus of roughly $52.5B to $53.3B look quaint. That’s not a rounding error. It’s a gap wide enough to suggest Wall Street fundamentally underestimated how much money is flowing into AI infrastructure right now.
The numbers behind the surge
SMCI reported fourth-quarter fiscal 2026 revenue between $11.1B and $11.12B, representing a 93% increase year-over-year. The company also posted non-GAAP earnings per share of $1.70, beating analyst estimates.
For the first quarter of fiscal 2027, management guided for sales of $14.5B to $15.5B. If you annualize even the low end of that range, you get to $58B, which already exceeds what the Street had penciled in for the full year.
