SMCI 주가 하락 11%, 123% 성장의 위해
Super Micro Computer (SMCI) Week in Review: 11% Stock Drop Despite 123% Growth
123% 성장에도 불구하고 시장 대비 크게 underperform한 11% 주간 하락은 강한 매도 압력과 부정적 투자심리를 시사합니다
핵심 요약
지난 주 금요일 종료시에는 Super Micro Computer(NASDAQ:SMCI) $30.54로 저가했으며, 전체 시장의 부드러운 폴백에 비해 11.2%를 떨어졌습니다. S&P 500(NYSEARCA:SPY)는 1.3%를, Nasdaq-100(NASDAQ:QQQ)은 동일한 기간에 1.3%를 내렸습니다. 주가가 해외주식시장에서 잠재적인 팔고도 지난주 이상 4.3% 상승했습니다.
슈퍼마이크로, 폭증 매출에도 급락
슈퍼마이크로컴퓨터(SMCI) 주가는 이번 주 11.2% 하락한 30.54달러에 마감해 S&P500·나스닥100(각 -1.3%) 대비 부진했습니다. 2026회계연도 2분기 매출은 127억달러로 전년 대비 123% 급증하며 시장 예상치(103억달러)를 크게 상회했고, 연간 가이던스도 400억달러로 상향했지만 시장 반응은 냉담했습니다. 핵심은 수익성입니다. 매출총이익률이 6.3%로 추가 하락하면서 골드만삭스와 JR리서치가 경쟁 심화·협상력 약화를 이유로 보수적 시각을 제시했고, 최근 1년 내부자 순매수 부재(매도 60건)와 개인투자자 심리 급랭까지 겹치며 변동성이 확대됐습니다.
Original Article
Super Micro Computer (SMCI) Week in Review: 11% Stock Drop Despite 123% Growth
Super Micro Computer ( NASDAQ:SMCI | SMCI Price Prediction ) dropped 11.2% this week, closing at $30.54 on Friday.
The decline stands out against the broader market’s modest pullback. The S&P 500 ( NYSEARCA:SPY ) fell 1.3% and the Nasdaq-100 ( NASDAQ:QQQ ) dropped 1.3% over the same period. Despite the weekly selloff, SMCI remains up 4.3% year-to-date. Three storylines explain what moved the stock this week.
Super Micro’s Q2 fiscal 2026 results came out on February 3rd and Wall Street continues to ‘digest’ what the company reported.
Super Micro delivered $12.7 billion in revenue, representing 123% year-over-year growth. Wall Street was expecting $10.3 billion in sales, so this was an incredible beat on the top line.
CEO Charles Liang raised the full-year revenue target to $40 billion, calling it “conservative”. The AI server boom is real. But investors aren’t celebrating.
Gross margins compressed to 6.3%, a new low. That’s the problem. Revenue is exploding, but investors are focusing more on compressing margins in an extremely competitive industry. In late 2023, Super Micro had 15.6%gross margins. They slipped below 10% at the beginning of 2025, and are now below 7%.
Goldman Sachs ( NYSE:GS ) analyst Katherine Murphy turned bearish, citing margin compression, competitive dynamics, and limited bargaining power versus hyperscaler customers. JR Research downgraded the stock to Hold, warning that intensifying competition from Dell and potential Nvidia offerings pose risks.
Management believes margins will improve through their Data Center Building Block Solutions expansion. But analysts remain skeptical about timing and magnitude. The market is pricing in doubt.
Multiple executives and directors sold shares in late November 2025. CEO Charles Liang and 10% owner Sara Liu each disposed of 5,000 shares. Director Sherman Tuan sold 48,630 shares at $33, the largest transaction in the recent period.
The most recent insider activity came on January 29, 2026, when director Tally Liu converted 747 restricted stock units. That’s routine vesting, not conviction buying. According to Nasdaq data, there have been 60 sales across the past year and zero open market buys. Selling isn’t a concern in the sense its very typical for executives to sell shares on plans, but investors watch closely if there’s any insider buying activity. In the case of Super Micro, there is little to be found.
Retail investors on r/wallstreetbets started the week bullish. On Monday, February 9, sentiment scored 74 with a post titled “SMCI (how to make easy money on a hard stock)”. By Thursday evening, sentiment crashed to 25-28 with engagement spiking to 76 upvotes and 33 comments.
The bearish mood persisted through Friday. Sentiment hit its lowest point at 18 on Friday at 6:00 AM. Activity declined as sentiment stabilized, suggesting retail traders discussed the downturn Thursday night then moved on. The pattern shows momentum players abandoning ship when the margin story turned sour.
Super Micro’s AI infrastructure opportunity remains intact. Hyperscalers are spending aggressively, and SMCI sits in the middle of that wave. But the market is demanding proof that revenue growth translates to sustainable profitability. Until margins expand meaningfully, expect volatility to persist.