Super Micro Tanks After Warning—And Nvidia May Be the Culprit

​Super Micro’s stock plunged 15% in after-hours trading Tuesday after the company pre-announced a major earnings and revenue miss—and signs point to Nvidia’s newest chips as the unexpected disruptor​.

The server maker slashed its fiscal Q3 revenue forecast to $4.5–$4.6 billion, well below the $5.4 billion Wall Street expected. Earnings? Even worse. Super Micro now expects just 29–31 cents per share, missing its prior range of up to 62 cents.

So what went wrong?

The company blamed “delayed customer platform decisions” and a write-down on older inventory, most likely due to clients waiting for Nvidia’s next-gen Blackwell chips. Nvidia has already sold out of Blackwell units—leaving server makers like Super Micro holding excess inventory of outdated Hopper GPUs and incompatible memory.

Evercore ISI analysts said Super Micro’s product lineup appears too Hopper-heavy, while customers are clearly shifting toward Blackwell-based systems—a trend also echoed by Hewlett Packard Enterprise, which said 70% of AI server revenue is now tied to Blackwell.

In other words, Super Micro may have ramped up production for a chip era that’s already over.

The company said gross margins took a 220-basis-point hit from expedited costs and inventory reserves, as it scrambled to get new platforms to market—but may have missed the timing window.

Despite a recent rally that brought shares back from delisting concerns, Super Micro is now trading down nearly 70% from its 2025 high. Investors will get more answers when official earnings drop May 6.

​Bottom line: Super Micro’s stumble shows how fast the AI hardware race is moving—and how punishing it can be to miss a generational tech transition by just a quarter.