Super Micro Computer (NASDAQ:SMCI) was in the spotlight Thursday after Barclays reinstated coverage with a Neutral rating, voicing concerns over "limited visibility" on AI server builds, particularly with Nvidia's (NVDA) Blackwell products. While acknowledging Super Micro's leadership in AI servers and direct liquid cooling, Wang warned that its competitive advantage is shrinking as rivals catch up.
He also pointed to concerns about margin pressures, particularly related to Nvidia's NVL72 GB200/300 racks, and added that Super Micro's lower-margin AI server business makes it unlikely to see significant valuation expansion.
"While Super Micro is expected to be among the first to ship B200 HGX servers in March, the initial Blackwell cycle comes with ramp-up costs, steep learning curves, and limited higher-margin pull-through, which could pressure margins," Wang explained. Barclays has a $59 price target on Super Micro, with Wang cautioning that the company may struggle to hit its 14-17% gross margin target in the near term.
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