SAN JOSE, California, May 10, 2026, 14:05 PDT
- SiamAI pushed back against claims it shipped AI servers to China, after accusations surfaced regarding high-end chips from Super Micro Computer and Nvidia.
- Shares of Super Micro Computer ended at $35.37, gaining 5.2%. U.S. markets were shut for the weekend.
- Margin recovery and solid AI-server demand are in focus for investors, though export-control threats and some analyst skepticism linger.
Super Micro Computer opened Monday trading as its AI-server comeback drew attention from export-control regulators. Bangkok’s SiamAI, which had been accused of facilitating the shipment of advanced Super Micro and Nvidia chips to China, issued a statement denying it exported AI servers there and insisting it follows U.S. export and re-export regulations, according to Reuters.
SMCI ended Friday at $35.37, up 5.2%—investors pushed the stock higher on better margins and guidance. With U.S. markets shut Sunday, Monday shapes up as the first real read for the shares since the weekend denial.
Super Micro, the San Jose server manufacturer known for supplying hardware critical to AI model training and deployment, has emerged as a swing name tied tightly to AI data-center capex. The company assembles systems using chips from Nvidia, AMD, and Intel, yet it also operates near the boundary of U.S. export restrictions that limit where this sensitive tech can be shipped.
Last week, the company handed investors a stronger set of figures. Super Micro posted fiscal third-quarter net sales of $10.2 billion, a sharp jump from $4.6 billion in the same period a year ago. Gross margin climbed to 9.9%, up from 6.3% in the prior quarter. Net income landed at $483 million, according to the company.
The outlook got a boost as well. Super Micro is projecting fourth-quarter revenue between $11.0 billion and $12.5 billion, with non-GAAP diluted EPS—its adjusted profit figure—landing in a 65 to 79 cent range. For fiscal 2026, the company is targeting net sales between $38.9 billion and $40.4 billion.
Super Micro founder and CEO Charles Liang highlighted margin recovery and ramped-up Silicon Valley manufacturing as evidence that the company’s shift to a full-scale datacenter infrastructure business is picking up speed. The firm cautioned that the preliminary results remain subject to adjustment, since closing procedures are still underway.
The export issue is still unresolved. According to a Bloomberg News report cited by Reuters on Friday, U.S. authorities believe a Thai company connected to Thailand’s national AI initiative played a role in smuggling Super Micro servers outfitted with advanced Nvidia chips into China. Alibaba pushed back, stating it has no business ties with Super Micro, OBON, or any of the brokers named in the indictment. Nvidia, for its part, reiterated that it expects partners to stick to compliance requirements.
Super Micro stated it was not listed as a defendant in the March indictment naming three people linked to the company, among them co-founder Yih-Shyan “Wally” Liaw. According to the company, the alleged actions were against its policies. Two employees are now on leave, ties with a contractor have been cut, and it says cooperation with the government is ongoing. Super Micro Computer
Management says it’s put boundaries around the risk. On the post-earnings call, Chief Financial Officer David Weigand told investors there’s been “no change in allocations” from vendors, Reuters reported. That’s important: server producers must secure enough hard-to-find AI chips to fill orders. Reuters
The AI hardware trade is still going strong—even if the field’s getting crowded. Last week, Reuters said AMD’s bullish forecast set off a chip rally worldwide. Super Micro jumped 14.3% on its outlook; Dell added 5.5%, while Hewlett Packard Enterprise eased back just 0.2%. “Success invites competition” when it comes to AI chips, JonesTrading’s Michael O’Rourke said. Reuters
Some on Wall Street are holding back. Barclays’ Tim Long trimmed his Super Micro target down to $34 from $38, sticking with an Equal Weight rating after the latest earnings, The Fly reported via TipRanks. Among 18 analysts tracked by MarketScreener, the consensus remains hold, with an average price target sitting at $36.75.
The export-control investigation, customer holdups, or thinner future margins could all stall the rebound right as growth is back in vogue with investors. Super Micro’s narrative is juggling both: riding intense AI demand while also working to keep a legal shadow from weighing on the stock.
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