Super Micro Computer Inc. reported fiscal fourth-quarter revenue of $5.76 billion, missing the $6 billion analysts expected, while adjusted earnings fell to $0.41 a share versus forecasts of $0.44. Net income dropped to $195 million and gross margin narrowed to 9.5% amid intensifying competition for artificial-intelligence servers and lingering tariff costs. For the current quarter, the server maker projected $6 billion to $7 billion in sales and non-GAAP earnings of $0.40 to $0.52 a share, both below Wall Street estimates. Management set a fiscal-2026 revenue target of at least $33 billion, topping consensus but well under the $40 billion goal floated in February, citing improved chip availability yet a more cautious demand outlook. Investors punished the shortfall and tempered guidance, sending the shares down around 15% in late trading. The slide erased part of an 88% year-to-date gain that had been fueled by expectations of sustained AI-server demand. Executives said they expect supply conditions to improve but acknowledged pressure from larger rivals and tighter margins.