SMCI Q3 Preview: AI Demand Lifts Revenue Outlook Amid Margin Pressure and Legal Risks

Super Micro Computer is set to report its Q3 FY26 after hours on May 5. Wall Street expects about $0.62 per share on roughly $12.39 billion in revenue, a roughly 170% year‑over‑year increase, but gross margin around 6.4% last quarter highlights ongoing margin pressure. Investors will scrutinize the Nvidia partnership and the rollout of Blackwell systems for growth, with options implying a post‑earnings move near 13%. Analysts remain cautious, with a consensus Hold and a roughly $30.5 target implying ~9% upside. The stock has fallen more than 42% over six months amid U.S. charges over diverted Nvidia chips, though it has rebounded recently; legal risks including indictments and shareholder lawsuits remain a concern for investors.