AMD, Intel, NVIDIA rally 3% on Super Micro's $60B AI backlog

Advanced Micro Devices, Intel, and NVIDIA shares rose Wednesday after Super Micro Computer's blowout results reaffirmed the AI infrastructure spending cycle driving chip demand.

Super Micro's fiscal Q4 report, released after Tuesday's close, delivered non-GAAP EPS of $1.70 versus a $0.96 consensus and revenue of $11.12 billion, up 93.2 percent year over year. "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," Charles Liang, chief executive officer at Super Micro, said.

AMD closed up 1.8 percent at $483, Intel gained 3.3 percent to $101, and NVIDIA advanced 3 percent to $224. Super Micro jumped 19 percent to $38. The rally extended a strong week for AI-infrastructure names, with CoreWeave up 19.8 percent and Nebius up 34.1 percent.

NVIDIA's fiscal Q2 report is the next major event for the group, with prior guidance calling for roughly $91 billion in revenue excluding China data-center compute. If Super Micro's backlog is any read-through, sell-side estimates may keep climbing.

Super Micro's Blowout Earnings Ignite the Supply Chain

Super Micro delivered GAAP gross margin of 17.5 percent, up from 9.5 percent a year earlier, and guided fiscal 2027 revenue to $65 billion to $72 billion after booking more than $60 billion in new orders during fiscal 2026, according to its 8-K filing. That backlog is the tell. Server-system order flow of that scale feeds directly down the stack into the CPUs, GPUs, and accelerators that fill those racks.

Why AMD, Intel, and NVIDIA All Caught the Bid

Each of the three sits squarely in that downstream path. AMD's Q2 report earlier this month showed data center revenue of $6.72 billion, up 107 percent year over year, now 58 percent of total revenue, and management guided Q3 to roughly $13 billion. Intel's July report delivered data center and AI revenue of $6.26 billion, up 59 percent year over year, 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, posted data center revenue of $75.25 billion, up 92 percent year over year, with Jensen Huang describing the AI factory buildout as "the largest infrastructure expansion in human history."

These moves land on top of already historic runs. Intel is up 174 percent year to date and 363 percent over the past year, powered by the foundry turnaround and the Xeon 6 design win in NVIDIA's DGX Rubin servers. AMD is up 125.5 percent year to date after Instinct GPU wins including up to 2 gigawatts of MI450 GPUs for Anthropic. NVIDIA has added 20.3 percent year to date and sits on an $80 billion share repurchase authorization heading into its next report. NVIDIA also recently unveiled a $500 billion financing partnership with most of Wall Street's banks.

Super Micro's guide and backlog effectively re-underwrote the demand assumption baked into all three names. NVIDIA's fiscal Q2 report, expected in the coming weeks, will test whether the sell-side bar has moved higher. Traders will watch whether Wednesday's gains extend through the close of the week or fade as positioning shifts ahead of that report.

This article is for informational purposes only and does not constitute investment advice.