AMD, Intel, NVIDIA Rally on Super Micro's Record AI Backlog

Super Micro Computer's fiscal Q4 earnings report, released after Tuesday's close, ignited a broad rally across AI-infrastructure stocks on Wednesday. The company reported non-GAAP EPS of $1.70, beating consensus of $0.96 by 78%, on revenue of $11.12 billion, up 93.2% year over year. GAAP gross margin expanded to 17.5% from 9.5%. Super Micro's stock jumped 19% to $38 following the report.

The most significant detail in Super Micro's results was its forward guidance and backlog. The company guided fiscal 2027 revenue to a range of $65 billion to $72 billion after booking more than $60 billion in new orders during fiscal 2026. CEO Charles Liang framed the momentum directly: "Our Total AI/IT Solutions strategy continues to deliver strong results, we added several hundred enterprise and other customers in the past year, generated more than $60 billion in new orders, and booked record backlog entering fiscal 2027." This record backlog represents a leading indicator for demand flowing down the supply chain to the CPUs, GPUs, and accelerators that fill server racks.

The three largest logic-chip makers—AMD, Intel, and NVIDIA—all caught the bid on Wednesday, despite none of them reporting earnings that day. AMD closed up 1.8% to $483, Intel gained 3.3% to $101, and NVIDIA advanced 3% to $224. Each sits squarely downstream of Super Micro's order flow. AMD's Q2 report earlier that month showed Data Center revenue of $6.72 billion, up 107% year over year and now comprising 58% of total revenue, with management guiding Q3 to roughly $13 billion. Intel's July report delivered Data Center and AI revenue of $6.26 billion, up 59% YoY, with CEO Lip-Bu Tan calling it Intel's "strongest revenue growth in more than fifteen years." NVIDIA's most recent quarter, filed May 20, 2026, posted Data Center revenue of $75.25 billion, up 92% YoY, with Jensen Huang describing the AI factory buildout as "the largest infrastructure expansion in human history."

Super Micro's guide and backlog effectively re-underwrote the demand assumption baked into all three names. Intel is now up 174% year to date and 363% over the past year, powered by the Foundry turnaround and Xeon 6 design wins in NVIDIA's DGX Rubin servers. AMD is up 125.5% YTD after Instinct GPU wins including up to 2 gigawatts of MI450 GPUs for Anthropic. NVIDIA has added 20.3% YTD and sits on an $80 billion share repurchase authorization. NVIDIA also recently unveiled a $500 billion financing partnership with Wall Street banks to provide financing to neoclouds, diversifying demand and strengthening negotiating power against larger hyperscalers. The next major catalyst for the group will be NVIDIA's fiscal Q2 report, with prior guidance calling for roughly $91 billion in revenue excluding China data-center compute.