Super Micro Computer Inc

SMCI is in a confirmed Stage 4 decline within a broader secular uptrend, with a clear LH/LL structure and declining EMAs. Medium-term bias is bearish, permitting only sell-side engagement, and short-term timing is bearish as price trades below key EMAs with follow-through and no exhaustion signals. Selling now into rallies toward the 9/21 EMA zone is appropriate.

• ↑Q3 FY2026 revenue of $10.2B rose 123% YoY, driven by AI infrastructure
• ↑Enterprise channel sales hit $2.8B (+46% YoY), now 28% of total revenue
• ↓Negative earnings yield and 11% gross margin raise value-trap concerns