Markets
markets
Luke Kawa

Super Micro sinks after issuing disappointing financials for the second time in eight days

Super Micro Computer is sinking again, down 6% in after-hours trading.

Last week, the AI server company gave investors a heads-up that its upcoming earnings would disappoint by issuing a preliminary set of results that were downright ugly, and the stock tumbled double digits the next session.

Management explained away the big miss as a timing issue, saying, “During Q3 [that is, the three months ending March 31] some delayed customer platform decisions moved sales into Q4.”

In other words, customers wanted servers with the new Blackwell GPUs, not older products like the Hopper.

That reasoning rings a bit hollow now, with the company indicating that its current quarter will also be weaker than Wall Street anticipated.

For the three months ending June 30, management expects sales between $5.6 billion and $6.4 billion on diluted earnings per share between $0.40 and $0.50. The midpoint of those ranges falls far below what analysts had been looking for: $0.64 in earnings per share on revenues of nearly $6.6 billion.

During the conference call that followed the release of these results, CFO David Weigand tacked on “and later” to their prior statement related to the timing of sales.

One wonders how the extra week helped Super Micro learn (or decide to tell investors) that these sales wouldn’t be made up in a timely fashion.

“September will be even stronger” than the June quarter, according to CEO Charles Liang, who said the firm “remained confident” in its $40 billion revenue target for fiscal 2026 (July 2025 through June 2026).

One also wonders how much faith investors can have in Super Micro’s guidance — relating to the short and long term — after being disappointed twice in a little over a week.

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Matt Phillips

With their recent surge, Intel shares just hit their highest level since the dot-com era

Intel’s surge of nearly 60% this month has the iconic American chipmaker’s stock price approaching levels last seen during the dot-com era. Bloomberg noted that shares just touched their highest intraday level since the turn of the century:

“The stock rose as much as 1.5% to $69.55, topping a peak it hit on Jan. 24, 2020. The shares are up 90% this year, after soaring 84% in 2025. Intel is now roughly 8% from its all-time closing high of $74.88, established on Aug. 31, 2000.”

That’s just the most recent late-’90s-era throwback we’ve been seeing in tech shares lately. Oracle is currently pacing for its best week since late 1999.

What’s even more remarkable, however, is that Intel’s forward price-to-earnings ratio today dwarfs the premiums the market was putting on the stock during the nuttiness of the dot-com mania.

That reflects the fact that the recent run-up in Intel shares is, essentially, giving the chip giant credit for a massive turnaround that hasn’t actually happened yet.

One also might wonder if the fact that Intel is partially owned by the US government means it’s more attractive — and therefore worth a higher premium — than other chipmakers without the state imprimatur.

Still, kind of startling.

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J. Edward Moreno

Eli Lilly’s GLP-1 pill hit nearly 1,400 prescriptions in first week

Eli Lilly rose after preliminary numbers cited by Wall Street analysts showed strong uptake of its new weight-loss pill.

The FDA approved Foundayo on April 1 and shipments began on April 9. In its first week, roughly 1,400 US prescriptions were written for the drug, according to IQVIA data cited by Deustche Bank analysts in a Friday note.

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Novo Nordisk, Lilly’s rival in the GLP-1 market, released its GLP-1 pill earlier this year, and early signs show that it’s expanding the market, inviting patients who were turned off by weekly injections. Novo’s pill had a stronger first week than Lilly’s, with its Wegovy pill hitting 3,071 US prescriptions in the first four days after its launch on January 5.

Lilly’s pill has an advantage over Novo’s, which is that it can be taken at any time of day, with or without food. Lilly disclosed in a February regulatory filing that it had $1.5 billion worth of prelaunch inventory ready ahead of the FDA approval — which is about as much as analysts polled by FactSet expect it to sell this year.

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