价格战之下，AI服务器厂商的双重困境

Core Viewpoint - Supermicro's Q2 earnings report revealed a 7.5% year-over-year revenue growth to $5.76 billion, falling short of market expectations of $5.89 billion, and adjusted EPS of $0.41, below the anticipated $0.45, leading to a significant post-earnings stock drop of 16.29% to $47.93, highlighting the challenges faced by the company amidst rising AI demand [1][2]. Financial Performance - Supermicro's Q2 revenue was $5.76 billion, a 7.5% increase year-over-year, but below the market forecast of $5.89 billion [1] - Adjusted EPS for Q2 was $0.41, lower than the expected $0.45 [1] - The company revised its revenue target for FY2026 down to $33 billion from an earlier estimate of $40 billion [2] - Q2 gross margin was reported at 9.5%, marking a decline for four consecutive quarters [2] Market Dynamics - The server market is experiencing a dual challenge with rising costs, particularly from NVIDIA GPUs, which are increasingly dominating the cost structure, thereby squeezing profit margins for server manufacturers [3] - Supermicro's CEO acknowledged that customer demand is currently hindered as clients await new products featuring NVIDIA's latest chips [3][4] - Despite a strong demand for AI infrastructure, large enterprises are becoming more price-sensitive, exerting significant bargaining power [6] Competitive Landscape - Supermicro's stock has surged nearly 90% this year, outperforming competitors like Dell and HPE, but the recent earnings report has raised concerns about its profitability [2] - Dell also reported lower-than-expected EPS of $1.55, indicating similar profitability issues within the sector [3] - The AI server market is facing a potential price war as companies compete for orders, leading to reduced profit margins [6][7] Future Outlook - The AI server market is projected to see significant capital expenditure, with major tech companies expected to invest nearly $400 billion this year in AI infrastructure [5] - Analysts are questioning how Supermicro will navigate the competitive pricing landscape and improve profit margins, with the company exploring diversification into higher-margin markets [7]