Bank of America Securities initiated coverage of Super Micro Computer Inc. with an Underperform rating and a $35 price target, a level the firm says implies roughly 30% downside for the server maker’s shares. Analyst Ruplu Bhattacharya wrote that surging competition in the artificial-intelligence server and rack market is likely to squeeze gross margins, while limited availability of key components such as GPUs and liquid-cooling equipment could restrain revenue growth. The report also flagged a widening gap between Super Micro’s enterprise market share and that of larger peers, reinforcing the cautious view.