Super Micro Slips to $39 Even With a Record $60 Billion Backlog

Super Micro Computer shares fell 3.1% on Friday to $39.09, extending a volatile year in which the AI server maker has traded between $19.48 and $58.78. The decline came despite an order book that the company describes as the largest in its history.

Super Micro has reported a record backlog exceeding $60 billion and guided to fiscal 2027 revenue of $65 billion to $72 billion on demand for AI server systems. Estimate revisions have followed the guidance: fiscal 2027 EPS forecasts rose roughly 30% over the past month with no downward revisions, and the company has beaten earnings expectations in three of the last four quarters.

Analyst opinion remains split. Goldman Sachs maintains a Sell rating while the average price target across the street sits near $42.38, only modestly above the current quote. Insider activity has leaned one way, with about $18.9 million of shares sold over the past twelve months and no reported purchases. The next scheduled catalyst is the November earnings report.