Super Micro Computer Preliminary Fiscal Q1 Results a 'Clear Positive,' Wedbush Says

12:35 PM EDT, 10/21/2026 (MT Newswires) -- Super Micro Computer's (SMCI) preliminary fiscal Q1 results are a "clear positive," with revenue and gross margins expected to come in well above prior guidance, Wedbush Securities said Wednesday in a report. The company estimated fiscal Q1 revenue of $18.5 billion to $19.5 billion, compared with previous guidance of $14.5 billion to $15.5 billion, primarily because of "increased demand for AI platforms," Wedbush said. Gross margins are expected at 12% to 12.5%, above the prior forecast of 10.4% to 10.8%, the report said. The combination of "AI-led revenue upside" and above-guidance gross margins was "certainly better than we had anticipated," though it remains unclear whether the sales and margin momentum is "transient or sustainable," the report said. Wedbush refrained from adjusting forward estimates until full results emerge while monitoring financing risk, fiscal 2027 guidance, and the timing of Vera Rubin shipments. Wedbush reiterated its neutral rating on Super Micro Computer with a $40 price target. Price: 35.38, Change: +2.91, Percent Change: +8.96